Saudi’s Riyad Bank posts 25 pct Q2 profit rise

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Time : July 17, 2018

DUBAI – Riyad Bank, Saudi Arabia’s fourth-largest lender by assets, posted a 25.2 percent 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.

Three analysts polled by Reuters forecast a profit of 1.03 billion riyals.

The bank cited a 7.8 percent rise in operation income and an 8.7 percent 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 percent from a year earlier.

Deposits dipped 2.3 percent to 153.4 billion riyals.

$1 = 3.7503 riyals

This article was first published in  Reuters

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