Riyad Bank’s profit rises 28% to SAR 6.025 bln in 2021, Q4 jumps 84% to SAR 1.617 bln

06/03/2022 Argaam Exclusive

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Riyad Bank reported net profit of SAR 6.025 billion for 2021, a 28% increase year-on-year (YoY) from SAR 4.715 billion.

This profit rise was driven by a 16.1% drop in operating expenses due to lower net impairment charge for credit losses and other financial assets.

Meanwhile, total operating income rose due to increase in fee and commission income and gains on disposal of non-trading investments.

Financials (M)

Item	2020	2021	Change‬
Net Special Commission Income	8,213.61	8,293.17	1.0 %
Operating Income	11,205.12	11,567.84	3.2 %
Total Provisions	(1987.07)	(860.85)	56.7 %
Net Income	4,715.00	6,025.38	27.8 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	1.57	2.01	27.8 %
EPS Diluted (Riyals)	1.57	2.01	28.0 %

The bank's Q4 2021 net earnings surged 84% year-on-year (YoY) to SAR 1.617 billion.

On a sequential basis, net profit rose 4.8% from SAR 1.542 billion in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Net Special Commission Income	2,035.87	2,069.63	1.7 %
Operating Income	2,789.71	2,949.34	5.7 %
Debt Provisions	(647.62)	(243.52)	62.4 %
Net Income	879.54	1,617.36	83.9 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	0.29	0.54	83.9 %
EPS Diluted (Riyal)	0.29	0.54	86.2 %

Item	Q3 2021	Q4 2021	Change‬
Net Special Commission Income	1,981.71	2,069.63	4.4 %
Operating Income	2,816.58	2,949.34	4.7 %
Debt Provisions	(138.62)	(243.52)	(75.7 %)
Net Income	1,542.81	1,617.36	4.8 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	0.51	0.54	4.8 %
EPS Diluted (Riyal)	0.51	0.54	5.9 %

Total shareholders’ equity, excluding minority interest, grew to SAR 47.300 billion in the 12-month period, from SAR 44.355 billion in 2020.

Balance Sheet (B)

Item	2020	2021	Change‬
Assets	310.09	325.74	5.0 %
Customer Deposits	203.04	211.68	4.3 %
Loan	191.35	217.29	13.6 %

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