RIYADH, 11 April 2005 — Riyad Bank, Saudi Arabia’s third-largest listed bank by market value, said on Sunday it increased its first-quarter net profit by around 20 percent to SR522 million ($139.2 million). In a statement posted on the Saudi stock market website, Riyad Bank said its return on equity rose to 21.8 percent from 19.3 percent. Return on average assets increased to 2.84 percent from 2.43 percent. Operating income rose to SR867 million, while operating expenses fell by 19 percent. Loans and advances grew 24 percent to SR36 billion and customer deposits reached SR57 billion. Fees from banking services rose 44 percent to SR174 million, the bank said.