Riyad Bank — Earnings Release 2003

Apr 7, 2003

Riyad Bank announces SR 386 million profit as of the end of the first quarter of 2003, an increase of approximately 6% over the same period last year.

1010 · 07/04/2003 15:56:58 · Announcement #4724 · View on Saudi Exchange

Riyad Bank announces SR 386 million profit as of the end of the first quarter of 2003, an increase of approximately 6% over the same period last year.

Riyad Bank - SR 386 million profit for the first quarter of 2003 The Chairman of Riyad Bank, Mr. Rashed Abdulaziz Al? Rashed, announced that the Bank recorded a Net Profit of SR 386 million in the first quarter of 2003, an increase of approximately 6% over the same period last year, thus maintaining consistent growth in profits and return to shareholders. He mentioned that the Bank has achieved this performance despite the continuous slowdown in the World economy and volatility in capital markets. The Bank has exerted extensive efforts to overcome these challenges. Consequently the return on assets grew from 2.18% to 2.28% and return on equity from 16.94% to 17.41%. Mr. Al-Rashed pointed out that our focus was on our customers? needs and expectations. These were achieved by creating new products as well as enhancing the existing bank services and products. These efforts resulted in a notable increase in Fees from Banking Service of SR 84.5 million, an increase of 22%. The Bank?s activities in trading operations contributed also to the profit?s growth, which improved to SR 65.5 million up by a remarkable 67.8%. In addition, Gains on Investments has doubled to SR 36.2 million , a 262% increase. Mr.Al-Rashed added that the Bank managed to attract additional customer deposits of SR 3.3 billion to reach SR 44 billion, an increase of 8%. At the same time, the Bank was able to meet its customer?s needs for Loans & Advances of SR 24.8 billion, an increase of SR 2.7 billion or 12.1%. The Bank also increased its investment portfolio by 9.9% to a value of SR 32.5 billion.

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