Riyad Bank, Saudi Arabia’s third-largest lender by assets, posted a 2.9 per cent rise in its fourth-quarter net profit on Sunday, beating analysts’ average forecast.
The bank said it made SAR1.06 billion ($274.4 million) in the three months ending December 31, compared with SAR1.03 billion in the same period of 2013, citing a 11.1 per cent rise in operating income for the advance without elaborating.
Analysts surveyed by Reuters expected the bank to post an average net profit of SAR1.03 billion for the fourth quarter.
Operating income in the fourth quarter stood at SAR1.995 billion, up from SAR1.795 billion in the corresponding period of 2013.
Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.
Riyad Bank said it made a net profit of SAR4.35 billion in 2014, up from SAR3.95 billion in 2013, a rise of 10.3 per cent.