Riyad Bank posted a 3% rise in Q1 2024 net profit to SAR 2.07 billion, compared to SAR 2.01 billion in the prior-year period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Net Special Commission Income | 3,088.35 | 3,050.88 | (1.2 %) |
| Operating Income | 4,036.23 | 4,087.69 | 1.3 % |
| Debt Provisions | (580.89) | (435.95) | 25.0 % |
| Net Income | 2,019.59 | 2,072.72 | 2.6 % |
| Average Shares | 3,000.00 | 3,000.00 | - |
| EPS (Riyals) | 0.67 | 0.69 | 2.6 % |
| EPS Diluted (Riyal) | 0.64 | 0.66 | 3.1 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Net Special Commission Income | 3,141.94 | 3,050.88 | (2.9 %) |
| Operating Income | 3,932.15 | 4,087.69 | 4.0 % |
| Debt Provisions | (464.46) | (435.95) | 6.1 % |
| Net Income | 1,954.56 | 2,072.72 | 6.0 % |
| Average Shares | 3,000.00 | 3,000.00 | - |
| EPS (Riyals) | 0.65 | 0.69 | 6.0 % |
| EPS Diluted (Riyal) | 0.63 | 0.66 | 4.8 % |
The profit growth was driven by a 22.4% year-on-year (YoY) rise in special commission income on higher returns from loans, advances, and investments.
The bank also reported higher gross operating income on an increase in net fees and commission income, as well as net profit from the sale of investments held for non-trading purposes, and dividends. However, this was partially offset by a decrease in net special commission income, as well as net trading, net foreign currency translation, and other operating income.
Total operating expenses declined in Q1 2024, mainly due to lower net provision for impairment of credit losses and other financial assets as well as net provision for impairment of investments.
Net provision for expected credit losses and other losses decreased by 30.05% YoY, mainly due to lower provision for impairment of credit losses and other financial assets as well as net provision for impairment of investments.
Compared to Q4 2023, the bank’s net profit rose 0.6% from SAR 1.95 billion.
| Item | 3m 2023 | 3m 2024 | Change |
|---|---|---|---|
| Assets | 380.62 | 404.86 | 6.4 % |
| Customer Deposits | 257.28 | 270.95 | 5.3 % |
| Loan | 251.98 | 282.85 | 12.3 % |
Shareholders’ equity, no minority interest, increased to SAR 53.51 billion as of March 31, 2024, from SAR 49.26 billion a year earlier.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}