Financial Results : Riyad Bank’s profit up 17% to SAR 7.01 bln in 2022; Q4 at SAR 2.02 bln

Riyad Bank’s profit up 17% to SAR 7.01 bln in 2022; Q4 at SAR 2.02 bln

13/02/2023 Argaam Exclusive

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Riyad Bank reported a 17% rise in 2022 net profit to SAR 7.01 billion, compared to SAR 6.02 billion in 2021, driven by higher total operating income despite being partially offset by increased operating expenses (OpEx).



Financials (M)

Item 2021 2022 Change‬
Net Special Commission Income 8,293.17 10,052.45 21.2 %
Operating Income 11,567.84 13,599.37 17.6 %
Total Provisions (860.85) (1030.59) (19.7 %)
Net Income 6,025.38 7,019.32 16.5 %
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 2.01 2.34 16.5 %
EPS Diluted (Riyals) 2.01 2.32 15.4 %

The higher total operating income was driven mainly by an increase in net special commission income, fee and commission income, and, net and exchange income. This was partially offset by a drop in gains on disposal of non-trading investments, along with net and dividend income.

 

Total OpEx increased due to higher net provisions for impairment of investments and credit losses and other financial assets. In addition, the bank also noted an increase in general and administrative expenses, and, salaries and employee related expenses.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Net Special Commission Income 2,069.63 2,851.65 37.8 %
Operating Income 2,949.34 3,742.24 26.9 %
Debt Provisions (243.52) (377.88) (55.2 %)
Net Income 1,617.36 2,027.83 25.4 %
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 0.54 0.68 25.4 %
EPS Diluted (Riyal) 0.54 0.68 25.9 %

In Q4 2022, net profit jumped 25% year-on-year (YoY) to SAR 2.02 billion.

 

On a sequential basis, net profit increased by 11% from SAR 1.82 billion.

 

Total shareholders' equity, no minority interest, declined to SAR 46.78 billion as of Dec. 31, 2022, from SAR 47.29 billion a year earlier.

Balance Sheet (B)

Item 2021 2022 Change‬
Assets 325.74 359.65 10.4 %
Customer Deposits 211.68 240.01 13.4 %
Loan 217.29 242.36 11.5 %

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