Riyad Bank — Earnings Release 2002

Oct 13, 2002

Riyad Bank recorded a SR 1072 million profit for the first nine months of 2002, an increase of SR 64 million or 6.4% over the corresponding period of last year.

1010 · 13/10/2002 15:44:26 · Announcement #4469 · View on Saudi Exchange

Riyad Bank recorded a SR 1072 million profit for the first nine months of 2002, an increase of SR 64 million or 6.4% over the corresponding period of last year.

Rashed Abdulaziz Al?Rashed, the Chairman of Riyad Bank, announced that the Bank recorded a Net Profit of SR 1072 million for the first nine months of 2002, an increase of SR 64 million or 6.4% compared to the same period in 2001. Consequently, Return on Shareholder?s Equity increased from 14.59% to 16.37% and Return on Assets increased from 2.04% to 2.10% for this same period. Al-Rashed mentioned that the increase in income was not only due to the growth in income from traditional banking activities, where a SR 23 million or 1.4 % increase in Net Commission Income from loans and investment was achieved but more so from the growth in Fee Income from Banking Services. The Bank has improved its profitability from trading activities, investment services, and mutual funds. This resulted in an increase of SR 62 million or 33.2% in Fee Income and a SR 50 million or 159% increase in Trading Income. Al-Rashed added that the quality and diversity of services being offered has attracted more customer deposits. These have increased by SR 5.3 billion or 13.9% to reach SR 43.2 billion. The Bank has also focused on building quality assets in addition to financing productive sectors of the Saudi economy. Thus, net loans and advances grew to SR 23.5 billion, an increase of 13.3% compared with the same period in 2001. The Bank has also increased its Investment portfolio by 17.3% to reach SR 32.5 billion.

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