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Riyad Bank Q3 net profit falls 16.5pc

RIYADH, October 7, 2015

Riyad Bank, Saudi Arabia's fourth-largest lender by assets, posted a 16.5 per cent fall in third-quarter net profit on Wednesday that it blamed on declining operating income.

The bank made a net profit of SR899 million ($239.73 million) in the three months to September 30, down from SR1.08 billion in the same period of 2014, it said in a bourse statement.

Third-quarter operating income dropped 6.4 percent year-on-year to SR1.86 billion, while profits from special commissions decreased 4.1 percent over the same timeframe to SR1.26 billion.

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

The bank's loans and advances at September-end were worth SR138 billion, down 1.9 per cent from 12 months ago, while deposits slipped 0.8 percent to SR160.4 billion over the same period. - Reuters




Tags: Saudi Arabia | Riyad Bank |

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