Riyad Bank has achieved SR4,352 million net profits for 2014, an increase of 10.3 percent over the same period of the previous year.

This was announced by Rashed Abdulaziz Al-Rashed, chairman of Riyad Bank.

Net profits amounted to SR1,060 million in the fourth quarter versus 1,030 million for the same quarter of the previous year, an increase of 2.9 percent.

Al-Rashed said the bank continued to focus on core banking activities and on achieving consistent growth in its financial position.

Loans and advances reached SR133,490 million at the end of 2014, compared to SR131,191 million for the previous year — an increase of 1.8 percent.

Investments amounted to SR46,963 million, compared to SR43,538 million, an increase of 7.9 percent.

Total customer deposits reached SR164,079 million at the end of 2014 compared to SR153,200 million for the previous year — an increase of 7.1 percent.

Total assets as at Dec. 31, 2014 reached SR214,589 million compared to SR205,246 million in the previous year, an increase of 4.6 percent.

Al-Rashed said that the total operating income recorded SR8,012 million during the period of 12 months compared to SR7,074 million for the same period of the previous year, an increase of 13.3 percent.

He said that the main banking activities achieved continuous growth, as earnings per share for the current year amounted to SR1.45, compared to SR1.32 for the previous year.

The increase in income from net special commission and banking services contributed to the increase of the bank’s profitability for the 12 months ended Dec. 31, 2014.

He also stated that a recommendation will be presented to bank’s general assembly of shareholders to distribute SR1,050 million profit for the second half of 2014, at 35 halalas per share, bringing the total dividend for the full year of 2014 to SR2,190 million, at 73 halalas per share.

Al-Rashed added that the strength and durability of the financial position of the bank is the solidity and the quality of its assets and diversity, which contributed to the achievement of steady and sustainable growth rates that reflect the Bank’s commitment to the strategies adopted by the board of directors, which responds to the aspirations of the Bank’s shareholders and enhancing the return on their investment.

Al-Rashed said that improvements achieved by the bank in the modernization of its distribution channels and electronic services, which confirms the keenness and commitment of the bank to continue to provide the best banking services to its customers.