Riyad Bank — Earnings Release 2005

Apr 10, 2005

Riyad Bank Net Income 522 Million for the First Quarter of 2005

1010 · 10/04/2005 09:26:19 · Announcement #6571 · View on Saudi Exchange

Riyad Bank Net Income 522 Million for the First Quarter of 2005

The Chairman of Riyad Bank, Mr. Rashed Abdulaziz Al? Rashed, announced that the Bank recorded a Net Profit of SAR 522 Million in the first quarter of 2005, compared to SAR 436 Million recorded in the same period last year, an increase of about 20%. This reflects the Bank?s commitment to maintain continuous and balanced growth of income, which has led to an increase in shareholders? value. Return on Equity has increased to 21.8% compared to 19.3% for the same period last year. Return on average Assets has increased to 2.84% compared to 2.43% for the same period last year. Mr. Al-Rashed pointed out that the Bank has been working towards improving and expanding its Banking Services for its customers. This has resulted in increasing Total Operating Income to reach SAR 867 Million. The operating expenses have decreased by 19%, this has led to an improvement in the Bank?s efficiency ratios, which reached 35%. Mr. Al-Rashed added that the Bank?s financial ratios have improved in all major income statements components. The Bank recorded, during the first quarter, an increase of SAR 53 Million in the Net Special Commission Income, an increase of 9.2%. The Bank also maintained continuous growth in Fees from Banking Services to reach SAR 174 Million, an increase of SAR 53 Million or 44% over the same period last year. He also mentioned that the Bank has made significant growth on the major items of its balance sheet. The balance sheet reached SAR 80,207 Million, an increase of SAR 7,653 Million compared to the same period last year, or an increase of 10.5%. Loans and Advances - net, have increased by 24% to reach SAR 36,099 Million, compared to SAR 29,136 Million for the same period last year. Customer Deposits have increased, at the end of first quarter, to SAR 57,181 Million.

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