Riyad Bank profit rises 9pc, beats estimate
Riyadh, July 11, 2011
Saudi Arabia's Riyad Bank posted a 9 per cent rise in second-quarter net profit, the lender said in a bourse statement on Monday. The bank made a net profit of 836 million riyals ($222.9 million) in the three months to June 30.
The bank had reported a profit of 766 million riyals in the same period a year earler.
Analysts surveyed by Reuters had, on average, expected the bank to post a net profit of 789.86 million riyals.
Meanwhile, Saudi Hollandi Bank, the kingdom's oldest bank, reported a 5.1 per cent rise in quarterly profits on Monday, beating estimates.
The bank said it made a net profit of 263.3 million riyals ($70.21 million) in the three months to end-June, up from 250.5 million riyals in the same period a year earlier.
A consortium led by Royal Bank of Scotland holds a 40 percent stake in Hollandi. - Reuters