Saudi’s Riyad Bank Meets Expectations With 7.8% Q3 Net Profit Gain

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 SAR1.08 billion ($280 million) in the three months ending September 30, compared with SAR998 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 SAR1.1 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 SAR1.9 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 SAR140.7 billion, gaining 8.3 per cent on the same point of 2013, while deposits rose 4.8 per cent to SAR161.6 billion over the same period.