‎“Riyad Bank” profits up to SR2.25 bln during Q1, by 29%‎

The net profit after zakat and tax for Riyad Bank grew to 2.25 billion riyals during the first quarter, compared to 1.74 billion riyals in the same quarter of last year, by 29%. This came after today’s announcement of the preliminary financial results for the period ending in 03-2023. 31 (3 months).

The total operational profit amounted to 4 billion riyals in the first quarter, compared to 3.1 billion riyals in the same quarter of the previous year, with a growth of 30%.

As for net income from special commissions / financing and investments, it amounted to 3 billion riyals in the first quarter, compared to 2.13 billion riyals in the same quarter of the previous year, an increase of 45%.

Earnings per share in the current period amounted to 0.65 riyals, compared to 0.51 riyals in the same period last year.

Net income increased by 30.1%, mainly due to an increase in total operating income, partially offset by an increase in total operating expenses.

The increase in total operating income is due to the increase in net special commission income, net trading income, net foreign currency exchange income, and income from other operations, partially offset by a decrease in net gains from selling investments held for non-trading purposes, and net income from fees, commissions, and dividends. ..

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

Net income decreased by 0.4%, mainly due to an increase in total operating expenses, offset by an increase in total operating income.

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

The increase in total operating income is mainly due to the increase in net special commission income and net trading income

The basic and diluted earnings per share for the periods ending on March 31, 2023 AD and 2022 AD were calculated by dividing the net income attributable to the bank’s ordinary shareholders (adjusted for the cost of the first tranche sukuk) by the number of outstanding shares of 3,000 million shares.