Riyad Bank — Earnings Release 2016

Jan 16, 2017

Riyad Bank announces the annual financial results for the period ending on 31-12-2016 (Twelve Months)

1010 · 16/01/2017 08:31:26 · Announcement #45056 · View on Saudi Exchange

Riyad Bank announces the annual financial results for the period ending on 31-12-2016 (Twelve Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	293	851	-	729	-
Total profit (loss) operation income\ Investments	1,833	1,888	-	1,855	-
Net profit (loss) special commission income\ Investments	1,353	1,344	0.67	1,321	2.42
All figures are in (Millions) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss)	3,342	4,049	-
Total profit (loss) operation income\ Investments	7,702	7,966	-
Net profit (loss) special commission income\ Investments	5,301	5,180	2.34
Earning or loss per share, Riyals	1.11	1.35	-
Total Assets	217,619	223,316	-
Investments	45,157	44,765	0.88
Loans and advances portfolio	142,909	145,066	-
Customer deposit	156,683	167,852	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	Net income decreased by 65.6% because of higher total operating expenses by 47.9%, mainly due to increase in impairment charge for credit losses partially offset by decrease in salaries and employee-related expenses and other operating expenses. The total operating income saw a decline of 2.9%, mainly due to decrease in fee and commission income, partially offset by increase in gains on non trading investments.
Reasons of increase (decrease) for period compared with same period last year	Net income decreased by 17.5 because of an increase in total operating expenses by 11.1%, mainly due to increase in impairment charge for credit losses, impairment charge for investments and other general and administrative expenses, offset by decrease in other operating expenses The total operating income saw a decline of 3.3%, mainly due to the decline in fees and commissions income, other operating income, gains on non trading investments and trading gains offset by an increase in net special commission income and exchange income.
Reason of increase (decrease) for quarter compared with the previous quarter	Net income decreased by 59.8% because of higher total operating expenses by 35.7% as a result of the increase in impairment charge for credit losses and other general and administrative expenses, partially offset by decrease in impairment charge for investments. While total operating income has decreased by about 1.2% mainly due to decrease in gains on non trading investments, exchange income, net and dividend income partially offset by increase in fee and commission income, net and net special commission income.
Reclassifications in quarterly financial results	Certain previous year figures has been reclassified in order to conform with current year classifications.
Other notes	Total operating income for the current period includes gains on sale of land amounting to SAR 201.1 million. The said land was initially acquired in settlement of certain loans and advances.(31 December 2015: SAR 266.6 million). Gross special commission income for the twelve month period ended 31 December 2016 was SAR 7,313 million as compared to SAR 5,883 million in corresponding period of last year, an increase of 24.3%. Gross special commission income for the three month period ended 31 December 2016 was SAR 1,947 million as compared to SAR 1,591 million in corresponding quarter of last year, an increase of 22.4%. Total shareholders' equity (There are no minority rights) as at 31 December 2016 was SAR 37.77 billion compared to SAR 36.55 billion for same period of last year, an increase of 3.4%

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