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Riyad Bank posts 7.8pc Q3 net profit

RIYADH, October 14, 2014

Riyad Bank, Saudi Arabia's third-largest listed lender by assets, posted a 7.8 per cent rise in its third-quarter net profit on Tuesday, in line with analysts' average forecast.

The bank said it made 1.08 billion riyals ($280 million) in the three months ending September 30, compared with SR998 million  in the same period of 2013, according to a bourse filing.

Analysts surveyed by Reuters expected the bank to post an average net profit of SR1.1 billion for the third quarter.

Riyad Bank cited a rise in total operating income - which increased 14.4 per cent on the corresponding period of 2013 to SR1.9 billion - for the advance without elaborating.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.

The lender has benefited in recent quarters from strengthening fee income and rebounding revenue from its brokerage operations, which have been lifted by brisker trading on the Saudi Arabian market.

Loans and advances at the end of September stood at SR140.7 billion, gaining 8.3 per cent on the same point of 2013, while deposits rose 4.8 per cent to SR161.6 billion over the same period.-Reuters




Tags: Saudi | profit | Riyad Bank |

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