RIYADH, 4 April 2006 — Saudi Riyad Bank said yesterday its net profit reached SR872 million ($232.5 million) in the first quarter of 2006, up 67 percent from the same period last year.
Return on shareholders’ equity surged to 31.9 percent from 21.8 percent at the end of March, 2005, the bank said in a statement posted on the bourse website.
Operations income rose 55 percent to SR1.34 billion and banking commissions surged 165.5 percent. This surge stemmed from a 36 percent jump in loans to SR49.04 billion, it said adding that deposits rose 7 percent to SR60.87 billion.
One of 10 listed Saudi banks, Riyad Bank’s shares closed yesterday’s morning session 0.48 percent higher at SR629.
Meanwhile, Arab National Bank (ANB) said yesterday its net profit rose 71 percent to SR621 million ($165.6 million) in the first quarter of 2006, compared to the same period last year. Net interest income rose 11 percent to 572 million and fees surged 121 percent to SR281 million, leading to a 39 percent jump in operating income at SR951 million, ANB said in a statement posted on the bourse website.
Loans rose 34 percent to SR40.3 billion against a 23 percent increase in deposits at SR53.2 billion.