Riyad Bank’s 2023 profit up 15% to SAR 8.04B; Q4 at SAR 1.95B

12/02/2024 Argaam Exclusive

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Riyad Bank reported a 15% increase in net profit to SAR 8.04 billion for 2023, compared to SAR 7.01 billion in 2022.

Financials (M)

Item	2022	2023	Change‬
Net Special Commission Income	10,052.45	12,414.28	23.5 %
Operating Income	13,599.37	15,898.84	16.9 %
Total Provisions	(1030.59)	(1833.99)	(78.0 %)
Net Income	7,019.32	8,045.84	14.6 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	2.34	2.68	14.6 %
EPS Diluted (Riyals)	2.32	2.58	11.2 %

Special commission income rose in 2023 by 59.6% year-on-year (YoY), mainly due to an increase in interest income from loans and investments.

Likewise, total operating income rose due to an increase in net special commission income, trading income net, and other operating income.

This was partially offset by the losses on disposal of non-trading investments, a decrease in net fees, commission income, and dividend income.

The fourth-quarter net profit declined 3.6% to SAR 1.95 billion from SAR 2.02 billion in Q4 2022.

Sequentially, the Q4 bottom line fell by 6.5% from SAR 2.08 billion in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Net Special Commission Income	2,851.65	3,141.94	10.2 %
Operating Income	3,742.24	3,932.15	5.1 %
Debt Provisions	(377.88)	(464.46)	(22.9 %)
Net Income	2,027.83	1,954.56	(3.6 %)
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	0.68	0.65	(3.6 %)
EPS Diluted (Riyal)	0.68	0.63	(7.4 %)

Item	Q3 2023	Q4 2023	Change‬
Net Special Commission Income	3,074.87	3,141.94	2.2 %
Operating Income	3,978.14	3,932.15	(1.2 %)
Debt Provisions	(304.20)	(464.46)	(52.7 %)
Net Income	2,089.37	1,954.56	(6.5 %)
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	0.70	0.65	(6.5 %)
EPS Diluted (Riyal)	0.67	0.63	(6.0 %)

Balance Sheet (B)

Item	2022	2023	Change‬
Assets	359.65	386.85	7.6 %
Customer Deposits	240.01	254.91	6.2 %
Loan	242.36	274.40	13.2 %

Shareholders’ equity, with no minority interest, stood at SAR 53.69 billion by the end of December 2023, compared to SAR 49.60 billion in the year-earlier period.

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