Financial Results : Riyad Bank’s H1 2020 net profit drops 15% to SAR 2.5 bln on higher OPEX

Riyad Bank’s H1 2020 net profit drops 15% to SAR 2.5 bln on higher OPEX

23/07/2020 Argaam Exclusive

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Riyad Bank reported a fall of 15% in H1 2020 net profit to SAR 2.5 billion, from SAR 3 billion in year earlier period, due to increased operating expenses, higher impairment charges in current period.

 

In Q2 2020, Riyad Bank’s net profit tumbled 29% to SAR 1 billion, compared to a net profit of SAR 1.5 billion in Q2 2019. The bank was hit by increased operating expenses, and higher impairment charges.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Net Special Commission Income 3,771.67 4,105.07 8.8 %
Operating Income 5,249.71 5,594.43 6.6 %
Total Provisions (445.43) (873.39) (96.1 %)
Net Income 2,984.54 2,539.48 (14.9 %)
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 0.99 0.85 (14.9 %)
EPS Diluted (Riyals) 0.99 0.85 (14.1 %)

When compared to the previous quarter, Q2 net profit fell by 28%.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Net Special Commission Income 1,962.95 2,115.75 7.8 %
Operating Income 2,669.57 2,708.95 1.5 %
Debt Provisions (283.05) (569.99) (101.4 %)
Net Income 1,499.75 1,063.05 (29.1 %)
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 0.50 0.35 (29.1 %)
EPS Diluted (Riyal) 0.50 0.35 (30.0 %)

Balance Sheet (B)

Item 6m 2019 6m 2020 Change‬
Assets 246.12 295.08 19.9 %
Customer Deposits 176.51 199.99 13.3 %
Loan 161.32 187.65 16.3 %

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