- RIYADH: Riyad Bank said its first quarter net profit rose 8.3 percent on the back of improved income from banking services and other operations.
The bank made a net profit of SR741 million ($197.6 million) in the three months to March 31, compared to SR684 million in the same period a year earlier, it said in a statement on Saudi Arabia’s bourse website.
Total operating profit for the period rose 3.9 percent to SR1.53 billion from SR1.47 billion in the first quarter of last year, it said.
Assets for the three months period climbed to SR180.72 million from SR174.29 million while investments increased to SR38.7 million from SR32.23 million in the same period last year.
Loans and advances rose 2.9 percent to 109.36 million riyals, it said. The bank’s share price closed 0.4 percent higher in earlier trade on Saturday, in line with the kingdom’s bourse which edged up 0.5 percent.
