Riyad Bank reports 15% profit growth to SAR 4.408 bln in 9M 2021

27/10/2021 Argaam Exclusive

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Riyad Bank reported a net profit of SAR 4.408 billion for the first nine months of 2021, an increase of 15%, compared to SAR 3.835 billion in prior-year period, driven by 2.4% higher gross operating income.

The bank also cited an 11.7% decline in total operating expenses.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Net Special Commission Income	6,177.74	6,223.54	0.7 %
Operating Income	8,415.41	8,618.50	2.4 %
Total Provisions	(1339.46)	(617.34)	53.9 %
Net Income	3,835.46	4,408.02	14.9 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	1.28	1.47	14.9 %
EPS Diluted (Riyals)	1.28	1.47	14.8 %

The bank’s Q3 2021 net profit increased by 19% year-on-year (YoY) to SAR 1.543 billion, due to lower gross operating expenses and higher trading income.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Net Special Commission Income	2,072.67	1,981.71	(4.4 %)
Operating Income	2,820.99	2,816.58	(0.2 %)
Debt Provisions	(466.07)	(138.62)	70.3 %
Net Income	1,295.98	1,542.81	19.0 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	0.43	0.51	19.0 %
EPS Diluted (Riyal)	0.43	0.51	18.6 %

Item	Q2 2021	Q3 2021	Change‬
Net Special Commission Income	2,146.02	1,981.71	(7.7 %)
Operating Income	2,978.09	2,816.58	(5.4 %)
Debt Provisions	(229.32)	(138.62)	39.6 %
Net Income	1,511.60	1,542.81	2.1 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	0.50	0.51	2.1 %
EPS Diluted (Riyal)	0.50	0.51	2.0 %

On a sequential basis, net profit grew 2.05%.

Total shareholders equity (after deducting minority equity) grew by 7.9% YoY to SAR 46.05 billion in the nine-month period.

View more financial results

Balance Sheet (B)

Item	9m 2020	9m 2021	Change‬
Assets	308.56	318.66	3.3 %
Customer Deposits	201.29	204.00	1.3 %
Loan	190.82	210.48	10.3 %

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