Riyad Bank profits rise to SR1.8 bln during Q3, an increase of 18.5%

Riyad Bank’s net profit rose to SR1.8 billion during the third quarter, compared to SR1.54 billion in the same quarter of last year, at a rate of 18.5%.
This came after Sunday’s announcement of the preliminary financial results for the period ending on 30-09-2022 (nine months).
Gross operating profit in the third quarter amounted to SR3.5 billion, compared to SR2.8 billion in the same quarter of the previous year, an increase of 25%.
The bank’s net profit during the 9-month period amounted to SR4.99 billion, compared to SR4.4 billion in the same period of the previous year, a growth of 13%.
The loans and advances portfolio (finance and investment) amounted to SR241.6 billion in the current period, compared to SR210.5 billion in the same period last year, an increase of 15%.
“Net income increased by 18.5% mainly due to an increase in total operating income partially offset by an increase in total operating expenses.
The total operating income increased mainly due to an increase in net special commission income, exchange income, fee and commission income, and net and other operating income, while there was a drop in gains on disposal of non-trading investments, net, dividend income and trading income, net.
The gross operational expenses increase was mainly in an impairment charge for credit losses and other financial assets, net, impairment charge for investments, net, other general and administrative expenses, salaries and employee-related expenses, and other operating expenses. ”
“Net income increased by 13.4% mainly due to an increase in total operating income partially offset by the increase in total operating expenses.
The gross operational income increased mainly due to an increase in net special commission income, exchange income, net and other operating income partially offset by the decrease in fee and commission income, net, gains on disposal of non-trading investments, net and dividend income.
The gross operational expenses increase was mainly in other general and administrative expenses, salaries and employee-related expenses and other operating expenses partially offset by decrease impairment charge.” expenses increase was mainly in other general and administrative expenses, salaries and employee-related expenses and other operating expenses partially offset by a decrease impairment charge.”
“Net income increased by 13.2% mainly due to an increase in total operating income partially offset by an increase in total operating expenses.
The total operating income increased mainly due to an increase in net special commission income, fee and commission income, and net and exchange income while there was a drop in gains on disposal of non-trading investments, net, dividend income, and trading income, net.
“Net income increased by 13.2% mainly due to an increase in total operating income partially offset by an increase in total operating expenses.
The total operating income increased mainly due to an increase in net special commission income, fee and commission income, and net and exchange income while there was a drop in gains on disposal of non-trading investments, net, dividend income, and trading income, net.
The total operating expenses increase was mainly in an Impairment charge for investments, net, salaries and employee-related expenses, impairment charge for credit losses and other financial assets, net and other general and administrative expenses.”
Basic and diluted earnings per share for the periods ended 30 September 2022 is calculated by dividing the net income attributable to common equity holders of the Bank (adjusted for Tier 1 Sukuk costs) for the periods by 3,000 million outstanding shares.