Saudi’s Riyad Bank posts 25% second quarter profit rise
Bank made 1.06b riyals in the three months to June 30, up from 848m a year earlier, it said in a bourse filing
Dubai: Riyad Bank, Saudi Arabia’s fourth-largest lender by assets, posted a 25.2 per cent rise in second-quarter net profit on Tuesday, in line with analysts’ forecasts as fees and commission income rose.
The bank made 1.06 billion riyals ($282.6 million) in the three months to June 30, up from 848 million a year earlier, it said in a bourse filing.
The bank cited a 7.8 per cent rise in operation income and an 8.7 per cent rise in special commission income for the stronger performance.
Loans and advances at the end of June stood at 144.3 billion riyals, up 2.2 per cent from a year earlier.
Deposits dipped 2.3 per cent to 153.4 billion riyals.
