Riyad Bank posts 15.8% lower profits in 2020

The bank’s assets grew by 16.7%

  
A Saudi man stands in front of a screen as another inspects stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019. Image for illustrative purposes.

A Saudi man stands in front of a screen as another inspects stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019. Image for illustrative purposes.

REUTERS/Ahmed Yosri
Riyadh – Mubasher: Riyad Bank registered a 15.8% annual drop in net profits during 2020 at SAR 4.7 billion, compared with SAR 5.6 billion in 2019.

The fall in the bank’s annual profits was driven by a rise in total operating expenses by 23.8%, resulting from a higher net impairment charge for credit losses and other financial assets and investments, according to a bourse disclosure on Sunday.

This hike was partially offset by an increase in total operating income by 4.6%.

Meanwhile, the bank’s assets grew by 16.7% last year, standing at SAR 310.09 billion from SAR 265.8 billion a year earlier.

Source: Mubasher

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