Riyad Bank — Earnings Release 2004

Jul 5, 2004

Riyad Bank recorded a net profit of SAR 924 Million For the First Half 2004

1010 · 05/07/2004 16:15:15 · Announcement #5745 · View on Saudi Exchange

Riyad Bank recorded a net profit of SAR 924 Million For the First Half 2004

The Chairman of Riyad Bank, Mr. Rashed Abdulaziz Al-Rashed, announced that the Bank recorded a Net Profit of SAR 924 million for the first half of 2004, an increase of 5.6% compared to the same period last year. This reflects the Bank?s commitment to maintain continuous and balanced growth of income leading an increase in it?s shareholders? value. The Bank recorded a Total Operating Income of SAR 1,663 million. The Fees from Banking Services achieved SAR 302 Million, an increase of 37% over the same period last year of SAR 221 Million. Net Special Commission Income increased 9.3% reaching SAR 1,187 Million, compared to SAR 1,086 Million for the same period last year. This has been achieved despite volatile and uncertain global market conditions. Mr. Al-Rashed pointed out that the Bank, through its continuous efforts to satisfy customer needs, has expanded considerably in lending activities to meet the demanding growth in the economy. The Loans and Advances Portfolio recorded a growth of 19.5% at the end of the first half 2004, to reach SAR 30,533 Million. At the same time, the Bank maintained the quality of the Loans Portfolio by applying up to date credit assessment methodologies and risk management. Mr. Al-Rashed said that the Bank recorded a growth of 8% in total deposits reaching SAR 46,338 Million, compared to SAR 42,868 Million for the same period last year, which reflects the quality and the advanced level of services the bank is keen to provide to customers, by offering variety of competitive products that satisfy their needs.

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