Riyad Bank — Earnings Release 2002

Apr 9, 2002

Riyad Bank posts a net profit of SAR 365 Million for the first quarter 2002, a growth of 12% compared to the same period last year

1010 · 09/04/2002 14:14:00 · Announcement #4240 · View on Saudi Exchange

Riyad Bank posts a net profit of SAR 365 Million for the first quarter 2002, a growth of 12% compared to the same period last year

Mr. Rashed Abdulaziz Al-Rashed , the Chairman of Riyad Bank, has announced that the Bank?s profit for the first quarter of 2002 was SAR 365 million, an increase of 12% over the profit for the corresponding period last year. The growth in the Bank?s business and profitability will support the Bank?s commitment to increase the shareholders? return. The return on assets increased to 2.17% against 1.95% in the corresponding period of last year, while the return on equity increased to 16.93% against 15.09%. Mr. Al-Rashed attributed the growth in profit to the increase in operating income which posted a rise of SR 41 million (6%). There has been improvement in domestic and international market conditions during the ensuing period. Consequently loans & advances increased to SR 22.1 billion, an increase of SR 1.7 billion or 8%, and the investment portfolio grew to SR 29.6 billion, an increase of 2%. The improved international market conditions positively impacted the Bank?s trading income. Mr. Al-Rashed added that the continuous enhancement of the banking services and introduction of innovative products has had positive impact on business mobilization. The customer deposits rose to SR 40.8 billion ,an increase of SR 2 billion or 5% over the corresponding period of 2001. The income generated from domestic services increased by 21%.

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