Arab National, Riyad Bank profits up
Riyadh, October 9, 2012
Two leading Saudi banks - Arab National Bank and Riyad Bank - reported impressive third-quarter profit figures on Tuesday.
Arab National Bank said its net profit rose 10.3 percent due to higher total operating income.
The lender said it had a profit of 572.7 million riyals ($152.71 million) for the quarter ended September 30, compared to 519.2 million riyals in the prior-year period.
In a statement posted on the bourse website, Riyad Bank said total operating income in the quarter rose 3.6 percent to 1.19 billion riyals, while income from special commissions grew by 8.1 percent to 846 million riyals.
Meanwhile, Riyad Bank posted a 5.8-percent rise in its third quarter profits due to higher total operating income, it said.
Riyad Bank, the kingdom's third-largest listed bank by market capitalisation, reported net earnings of 840 million riyals ($224 million), compared with 794 million riyals in the same period last year.
Ten analysts polled by Reuters had forecast average profit of 860 million riyals. -Reuters