Riyad Bank’s 2024 profit rises 16% to SAR 9.32B; Q4 at SAR 2.26B

Riyad Bank reported a 16% increase in net profit to SAR 9.32 billion for 2024, compared to SAR 8.05 billion in 2023.

Special commission income rose by 17.4% year-on-year (YoY), mainly due to an increase in special commission income from loans, advances, and investments.

The lender also posted growth in fee and commission income, net special commission income, exchange income, net trading income, net gains/(losses) on disposal of non-trading investments, and dividend income.

However, this was offset by a decline in other operating income due to a fall in net provisions for credit losses, other financial assets, net impairment charge for investments, net depreciation of property, equipment, and right of use assets, other operating expenses, as well as rent and premises-related expenses.

The fourth-quarter net profit leapt 15.5% to SAR 2.26 billion from SAR 1.95 billion in Q4 2023.

Sequentially, the Q4 bottom line fell 14.9% from SAR 2.65 billion in Q3 2024.

Shareholders’ equity, with no minority interest and after sukuk, stood at SAR 58.55 billion by the end of December 2024, compared to SAR 53.69 billion in the year-earlier period.

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