RIYADH, 8 April 2004 — Riyad Bank posted a net profit of SR436 million during the first quarter of 2004, up 13 percent from SR386 million for the same period last year, according to Rashed Abdul-Aziz Al-Rashed, bank chairman. “The bank’s performance reflects its commitment to maintain a continuous and balanced growth which has led to a year on year increase in shareholders’ value. Return on equity has increased to 19.3 percent compared to 17.4 percent last year,” he told Arab News.
Al-Rashed pointed out that the bank has been working toward improving and expanding its banking services. Total operating income reached SR863 million, up 14.5 percent. The bank recorded a 4.6 percent rise in net special commission income to SR25 million during the first quarter of the year. It also maintained growth in fees from banking services to reach SR121 million, SR37 million more than last year.
The trading portfolio achieved gains of SR137 million, doubling the previous figure, despite volatile market conditions. Al-Rashed said that the bank made significant growth in all major areas of its balance sheet. Loans and advances increased by 17.4 percent to hit SR29 million. Customer deposits were at SR44,840 million at the end of the first quarter.