Riyad Bank reports SR1.55bln profit in 1Q, 15% surge

Riyad Bank announced that its profits soared 15% to SR 1.55 billion during the first quarter of the year 2022 compared to SR 1.35 billion during the same period of 2021.

This came after Riyad Bank announcement on Tuesday of the preliminary financial results for the period ending on 31.03.2022 (three months).

The net profit before Zakat and Income Tax of the bank surged 14% to SR 1.74 billion in 1Q against SR 1.52 billion in the same period of the year ago.

Moreover, Riyad Bank’s profit per share (EPS) rose to SR 0.52 from SR 0.45.

“Net income increased by 14.7% mainly due to an increase in total operating income. The total operating income increased mainly due to an increase in fee and commisison income, net, trading gains, exchange income, net and net special commision income.

The total operating expenses remained flat, with increase in salaries and employee related expenses and general and administrative expenses being offset by lower Impairment charges and other operating expenses.”

“Net income decreased by 4.0 % mainly due to an increase in total operating expenses partially offset by higher total operating income.

Total operating expenses were higher by 7.7 %, driven by an increase in other general and administrative expenses and impairment charge on investments and other financial assets, net partially offset by lower impairment charge for credit losses.

Total operating income was higher by 5.2% mainly resulting from increase in net special commission income, trading gains, net and exchange income, net.”

Additional Information:

“Impairment charge for credit losses, net for the three months period ended 31 March 2022 was SAR 255 million, as compared to SAR 302 million in the corresponding period of last year( a decrease of 15.7%) and SAR 234 million for the three months ended 31 December 2021 ( an increase of 9.1%).