Riyad Bank Profits Increase to SR1.6 bln during 2Q, by 7%

The net profit of Riyad Bank during the 2Q grew to SR1.6 billion, compared to SR1.5 billion in the same quarter of last year by 7%.

This came after the announcement on Thursday of the preliminary financial results for the period ending on 30.06.2022. (Six months).

Gross operational profit in the 2Q amounted to SR3.23 billion, compared to SR2.97 billion in the same quarter of the previous year, an increase of 8.5%.

The bank’s net profit during the current period amounted to SR3.16 billion, compared to SR2.86 billion in the same period of the previous year, a growth of 10%.

Profits per share in the current period reached SR1.05, compared to SR0.96 in the same period last year.

“Net income increased by 6.6% mainly due to an increase in gross operational income partially offset by an increase in gross operational expenses.

The gross operational income increased mainly due to an increase in net special commission income, fee and commission income and exchange income, while there was a drop in gains from non-trading investments, trading gains and other operational income.

The gross operational expenses increase was mainly in impairment charge on investments and salaries and employee-related expenses and other operating expenses while general and administrative expenses posted a drop.”

“Net income increased by 3.8% mainly due to an increase in gross operational income partially offset by an increase in gross operational expenses.

The gross operational income increased mainly due to an increase in net special commission income and fee and commission income partially offset by decrease in gains from non-trading investments and trading gains. income increased mainly due to an increase in net special commission income and fee and commission income partially offset by decrease in gains from non-trading investments and trading gains.

The gross operational expenses increase was mainly in impairment charges and other operating expenses. Further loss from associate companies was lower in current quarter.”

The net income increased by 10.4% mainly due to an increase in gross operational income partially offset by an increase in gross operational expenses.

The gross operational income increased mainly due to an increase in net special commission income, fee and commission income and exchange income, while there was a drop in gains from non-trading investments, dividend income and other operating income.

The gross operational expenses increase was mainly in impairment charge on investments and salaries and employee related expenses and other operational expenses while impairment charge on credit and other financial assets posted a drop.”

“Impairment charge for credit losses, net for the three months period ended 30 June 2022 was SR 353 million, as compared to SR 248 million in the corresponding period of last year( an increase of 42.3%) and SR 255 million for the three months ended 31 March 2022 ( an increase of 38.7%).

Impairment charge for credit losses, net for the six months period ended 30 June 2022 was SR 608 million, as compared to SR 550 million in the corresponding period of previous year(an increase of 10.5%).