In a statement on the Saudi Stock Exchange “Tadawul” website, the bank attributed the reason for the increase in profits during the current period compared to the similar period of the previous year to:
- Net income increased by 22.0 percent primarily due to an increase in total operating income, partially offset by an increase in total operating expenses.
- The increase in total operating income was due to an increase in net special commission income, net trading income, net foreign currency translation income and other operating income, partially offset by a decrease in net gains on the sale of investments held for non-trading purposes and dividend income.
- The increase in total operating expenses was primarily due to an increase in the net allowance for impairment of credit losses and other financial assets, employee salaries and equivalents, other general and administrative expenses, and depreciation of property and equipment and right-of-use assets, partially offset by a decrease in the net allowance for impairment of investments and other operating expenses.
Quarterly data
Riyad Bank’s business results showed that profits for the third quarter of 2023 grew by 14 percent to 2.09 billion riyals ($557 million), compared to 1.8 billion riyals in the same quarter of the previous year.
Riyad Bank attributed the 14 percent increase in quarterly profits on an annual basis mainly to an increase in total operating income, partially offset by an increase in total operating expenses.
On a quarterly basis, the bank’s profits in the third quarter of the year increased by 5.4 percent, compared to profits worth 1.98 billion riyals in the second quarter of 2023.
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