Riyad Bank’s 9M 2024 profit up 16% to SAR 7.06B; Q3 at SAR 2.65B

Riyad Bank reported a 16% jump in net profit to SAR 7.06 billion for the first nine months of 2024, compared to SAR 6.09 billion in the prior-year period.

Special commission income increased by 17.8% year-on-year (YoY) mainly due to an increase in special commission income from loans and advances, due from banks and investments.

Total operating income increase was mainly due to an increase in fee and net commission income, net special commission income, net exchange income, net trading income, net gains /losses on disposal of non-trading investments, and dividend income.

This was partially offset by a decrease in other operating income mainly in impairment charge for credit losses and other financial assets, impairment charge for investments, other general and administrative expenses, depreciation of property, equipment and right of use assets, and rent and premises-related expenses, partially offset by higher salaries and employee related expenses, and other operating expenses.

Net provision of expected credit losses and other losses decreased by 39.7% YoY due to lower net impairment charge of credit losses and other financial assets, and net impairment charge for investments.

The third-quarter net profit jumped 27% YoY to SAR 2.65 billion as special commission income increased by 16.8% YoY mainly due to an increase in special commission income from loans and advances and investments. In addition, total operating income edged up while total operating expenses decreased.

The bank’s bottom line grew by 13.5% from SAR 2.33 billion in Q2 2024.

Shareholders’ equity, no minority interest, stood at SAR 56.57 billion by the end of Sept. 30, 2024, compared to SAR 50.88 billion in the year-earlier period.

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