Riyad Bank’s profit rises 13% to SAR 4.991 bln in 9M 2022; Q3 at SAR 1.828 bln

23/10/2022 Argaam Exclusive

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Riyad Bank reported a net profit of SAR 4.991 billion for the first nine months of 2022, an increase of 13%, compared to SAR 4.408 billion in the prior-year period, driven by higher total operating income.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Net Special Commission Income	6,223.54	7,200.79	15.7 %
Operating Income	8,618.50	9,857.12	14.4 %
Total Provisions	(617.34)	(652.71)	(5.7 %)
Net Income	4,408.02	4,991.49	13.2 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	1.47	1.66	13.2 %
EPS Diluted (Riyals)	1.47	1.64	11.6 %

The bank’s Q3 2022 net profit increased by 19% year-on-year (YoY) to SAR 1.828 billion, due to a rise in total operating income and an increase in net special commission income, exchange income, net fee and commission income, and other operating earnings.

On a sequential basis, net profit grew 13.5%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Net Special Commission Income	1,981.71	2,672.19	34.8 %
Operating Income	2,816.58	3,525.13	25.2 %
Debt Provisions	(138.62)	(203.53)	(46.8 %)
Net Income	1,542.81	1,827.67	18.5 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	0.51	0.61	18.5 %
EPS Diluted (Riyal)	0.51	0.60	17.6 %

Item	Q2 2022	Q3 2022	Change‬
Net Special Commission Income	2,396.73	2,672.19	11.5 %
Operating Income	3,230.47	3,525.13	9.1 %
Debt Provisions	(301.53)	(203.53)	32.5 %
Net Income	1,611.23	1,827.67	13.4 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	0.54	0.61	13.4 %
EPS Diluted (Riyal)	0.53	0.60	13.2 %

Total shareholders' equity, after minority interest, grew to SAR 46.776 billion as of Sept. 30, 2022 from SAR 46.050 billion a year earlier.

Balance Sheet (B)

Item	9m 2021	9m 2022	Change‬
Assets	318.66	347.88	9.2 %
Customer Deposits	204.00	235.89	15.6 %
Loan	210.48	241.59	14.8 %

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