Riyad bank reports 2021 profit jump to SR 6 bln

Riyad bank has reported a net profit surge of 28% to SR 6.02 billion in 2021 from SR 4.7 billion in 2020.

Total operation profit rose 3% to SR 11.56 billion last year from SR 11.2 billion a year earlier.

The bank added in its financial result statement published on Tadawul that net income from special commissions/financing & investments soared by 0.97% to SR 8.29 billion from SR 8.21 billion, while profit per share (EPS) reached SR 2.01 from SR 1.57.

Higher net profits were spurred by a decline in total operating expenses by 16.1% resulting from lower net impairment charge for credit losses and other financial assets and investments as well as increase in total operating income by 3.2%.

The increase in total operating income was mainly due to increase in fee and commission income, net, gains on disposal of non-trading investments, net, special commission income, net partially offset by lower other operating income and exchange income.