Riyad Bank’s Q1 2020 net profit slips to SAR 1.47 bln

17/05/2020 Argaam Exclusive

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Riyad Bank reported a marginal decline of 0.6% year-on-year (YoY) in net profit to SAR 1.476 billion for Q1 2020, compared to SAR 1.485 billion in year-earlier period.

The marginal decrease came on higher operating expenses, impairment charges for credit losses and other financial assets, salaries and other employee-related costs.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2019	Q1 2020	Change‬
Net Special Commission Income	1,808.72	1,989.32	10.0 %
Operating Income	2,580.14	2,885.48	11.8 %
Debt Provisions	(162.37)	(303.40)	(86.9 %)
Net Income	1,484.79	1,476.43	(0.6 %)
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	0.49	0.49	(0.6 %)
EPS Diluted (Riyal)	0.49	0.49	0.0 %

Item	Q4 2019	Q1 2020	Change‬
Net Special Commission Income	2,031.12	1,989.32	(2.1 %)
Operating Income	2,704.66	2,885.48	6.7 %
Debt Provisions	(334.93)	(303.40)	9.4 %
Net Income	1,111.18	1,476.43	32.9 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	0.37	0.49	32.9 %
EPS Diluted (Riyal)	0.37	0.49	32.4 %

When compared to Q4 2019, net profit rose 33% buoyed by higher operating income, increased fee and commission income, as well as net trading gains, and net gains from disposal of non-trade investments.

Moreover, lower operating expenses, general and administrative expenses, impairment charges for credit losses also boosted the bank’s results.

Balance Sheet (B)

Item	3m 2019	3m 2020	Change‬
Assets	239.52	279.70	16.8 %
Customer Deposits	173.49	192.90	11.2 %
Loan	158.24	182.78	15.5 %

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