Saudi Arabia’s Riyad Bank made a net profit of SAR1.611 billion ($430 million) for the second quarter of 2022, nearly 7% higher compared to the SAR1.512 billion recorded in the year-ago period.

The result came a shade below analysts’ mean estimate of SAR1.633 billion, according to Refinitiv Eikon data.

In a statement on Saudi Tadawul, the bank said net income from special commissions/financing and investments rose 12% to SAR2.39 billion. However, there was a drop in gains from non-trading investments, trading gains and other operating income.

Impairment charge for credit losses for the quarter rose 42% year-on-year to SAR353 million from SAR248 million.

For the first half of 2022, net profit was SAR3.16 billion compared with SAR2.86 billion in the previous period.

(Reporting by Brinda Darasha; editing by Cleofe Maceda)

brinda.darasha@lseg.com