‎ “Riyad Bank” profits surge to SR7 bln during 2022, by 16.5%‎

Riyad Bank announced an increase in net profit during the year ending on December 31 to 7.01 billion riyals, compared to 6.02 billion riyals in the previous year, by 16.5%. This came after today’s announcement of the annual financial results ending on 12-31-2022 .

The total operating profit for the year ending on December 31 was 13.5 billion riyals, compared to 11.5 billion riyals in the previous year, an increase of 17.5%.

The total property rights “after excluding the non-controlling interests” amounted to 49.6 billion riyals in the current year, compared to 47.2 billion riyals in the previous year, with a growth of 4.8%.

Earnings per share in the current year reached 2.32 riyals, compared to 2.01 riyals in the previous year.

– Net income increased by 16.5%, mainly due to the increase in total operating income, partially offset by an increase in total operating expenses.

The increase in total operating income is mainly due to the increase in net special commission income, net fee and commission income, and net foreign exchange income, partially offset by a decrease in net gains from selling non-trading investments, and dividends.

The increase in total operating expenses is mainly due to the increase in the net provision for impairment in the value of investments, the net provision for impairment of credit losses and other financial assets, other general and administrative expenses, employee salaries and the like.