Riyad Bank — Earnings Release 2003

Jul 6, 2003

Riyad Bank recorded a SR 875 million profit for the first half of 2003, an increase of SR 111 million or 15 % over the corresponding period of last year

1010 · 06/07/2003 14:05:49 · Announcement #4886 · View on Saudi Exchange

Riyad Bank recorded a SR 875 million profit for the first half of 2003, an increase of SR 111 million or 15 % over the corresponding period of last year

The Chairman of Riyad Bank, Rashed Abdulaziz Al? Rashed, announced that the Bank recorded a Net Profit of SR 875 million in the first half of 2003, an increase of approximately 15% over the same period last year, thus maintaining consistent growth in profits and return to its shareholders. He mentioned that the Bank?s performance has been very encouraging despite the continuous volatility in the capital markets. The Bank has exerted extensive efforts to overcome these challenges. Consequently, the return on equity grew from 18.24% to 19.87% and return on assets, from 2.26% to 2.57%. Al-Rashed pointed out that our focus was on the Bank customers? needs and expectations. These were achieved by creating new products as well as enhancing the existing banking services and products. He added that the performance of the Trading Portfolio has been outstanding achieving a return of SAR 237 million as compared to SAR 42 million for the first six months of last year. Coupled with the increase in the Bank?s Trading portfolio revenues, there was also an increase in Fees from Banking Service of SR 68.3 million or 44.8%. In addition, Gains on Investments had almost doubled to SR 75.2 million, a 92.1% increase compared to the same period last year. Al-Rashed added that the Bank managed to attract additional customer deposits of SR 1 billion to reach SR 43 billion, an increase of 2.4%. At the same time, the Bank was able to meet its customer?s needs for Loans & Advances, net of SR 26 billion, an increase of SR 2 billion or 9.5%. The Bank also increased its Investment Portfolio by 3.6% to a value of SR 33 billion.

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