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

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.

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.

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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