Riyadh – Mubasher: Riyad Bank disclosed its interim financial results for the third quarter of 2019.

Net profits hiked by 59.3% to SAR 1.5 billion in Q3-19, from SAR 945 million in Q3-18, according to the bank’s filing to the Saudi Stock Exchange (Tadawul) on Sunday.

“Net income was higher because of increase in total operating income by 21.1%, mainly driven by higher net special commission income, fee and commission income, net and gains on disposals of non-trading investments,” the statement said.

Revenues of the largest financial institutions in Saudi Arabia increased by 23.4% year-on-year to SAR 2.66 billion during the three-month period ended in September.

For the first nine months of 2019, net profits of Riyad Bank grew by 66.08% to SAR 4.49 billion, compared to SAR 2.7 billion in the corresponding period in the prior fiscal year.

Total revenues went up by 27.3% to SAR 7.7 billion by the end of September, versus SAR 6.05 billion in September 2018.

In September, the bank’s assets stood at SAR 250.57 billion, while total investments registered SAR 225.9 billion over the same period.

Profit per share recorded SAR 1.5 in nine months, against SAR 0.9 in the same period last year.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.