Financial Results : Riyad Bank profit up 3% to SAR 2.07B in Q1 2024

Riyad Bank profit up 3% to SAR 2.07B in Q1 2024

28/04/2024 Argaam Exclusive

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Riyad Bank posted a 3% rise in Q1 2024 net profit to SAR 2.07 billion, compared to SAR 2.01 billion in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Net Special Commission Income 3,088.35 3,050.88 (1.2 %)
Operating Income 4,036.23 4,087.69 1.3 %
Debt Provisions (580.89) (435.95) 25.0 %
Net Income 2,019.59 2,072.72 2.6 %
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 0.67 0.69 2.6 %
EPS Diluted (Riyal) 0.64 0.66 3.1 %

The profit growth was driven by a 22.4% year-on-year (YoY) rise in special commission income on higher returns from loans, advances, and investments.

 

The bank also reported higher gross operating income on an increase in net fees and commission income, as well as net profit from the sale of investments held for non-trading purposes, and dividends. However, this was partially offset by a decrease in net special commission income, as well as net trading, net foreign currency translation, and other operating income.

 

Total operating expenses declined in Q1 2024, mainly due to lower net provision for impairment of credit losses and other financial assets as well as net provision for impairment of investments.

 

Net provision for expected credit losses and other losses decreased by 30.05% YoY, mainly due to lower provision for impairment of credit losses and other financial assets as well as net provision for impairment of investments.

 

Compared to Q4 2023, the bank’s net profit rose 0.6% from SAR 1.95 billion.

Balance Sheet (B)

Item 3m 2023 3m 2024 Change‬
Assets 380.62 404.86 6.4 %
Customer Deposits 257.28 270.95 5.3 %
Loan 251.98 282.85 12.3 %

Shareholders’ equity, no minority interest, increased to SAR 53.51 billion as of March 31, 2024, from SAR 49.26 billion a year earlier.

 

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