Riyad Bank — Earnings Release 2017

Feb 13, 2018

Riyad Bank announces annual financial results for the period ended 31-12-2017 (Twelve Months)

1010 · 13/02/2018 08:57:33 · Announcement #49408 · View on Saudi Exchange

Riyad Bank announces annual financial results for the period ended 31-12-2017 (Twelve Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	974	293	232.42	1,077	-
Total profit (loss) operation income\ Investments	2,058	1,833	12.27	2,076	-
Net profit (loss) special commission income\ Investments	1,498	1,353	10.72	1,539	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss)	3,946	3,342	18.07
Total profit (loss) operation income\ Investments	8,125	7,702	5.49
Net profit (loss) special commission income\ Investments	5,935	5,301	11.96
Earning or loss per share, Riyals	1.32	1.11	-
Total Assets	216,282	217,619	-
Investments	46,370	45,157	2.69
Loans and advances portfolio	138,838	142,909	-
Customer deposit	154,365	156,683	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	Net profit increased because of lower total operating expenses which were lower by 29.2%, mainly due to decrease in impairment charge for credit losses. The total operating income was higher by 12.3% mainly due to increase in net special commission income, gains on non-trading investments, net and fee and commission income.
Reasons of increase (decrease) for period compared with same period last year	Net profit increased because of higher total operating income, which saw an increase of 5.5%, mainly due to increase in net special commission income and gains on non-trading investments, net, partially offset by decrease in other operating income and exchange income . The total operating expenses were lower by 4.4%, mainly due to no impairment charge for investments and a decrease in impairment charge for credit losses.
Reason of increase (decrease) for quarter compared with the previous quarter	Net profit decreased because of increase in total operating expenses by 8.9% as a result of the increase in impairment charge for credit losses and other general and administrative expenses. While total operating income has decreased marginally by 0.9%.
Reclassifications in quarterly financial results	Certain previous year figures has been reclassified in order to conform with current year classifications and some items have been re-classified.
Other notes	Total operating income for last year, 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. Gross special commission income for the year ended 31 December 2017 was SAR 7,425 million as compared to SAR 7,313 million during last year, an increase of 1.5%. Gross special commission income for the three month period ended 31 December 2017 was SAR 1,853 million as compared to SAR 1,947 million in corresponding quarter of last year, a decrease of 4.8%. Total comprehensive income for the year ended 31 December 2017 was SAR 4,100 million as compared to SAR 3,578 million in last year, an increase of 14.6%. Total comprehensive income for the three months period ended 31 December 2017 was SAR 795 million as compared to SAR 125 million in corresponding period of last year, an increase of 536% and compared to SAR 1,261 million for the three months ended 30, September 2017, a decrease of 37%. Total shareholders' equity (there are no minority rights) as at 31 December 2017 was SAR 38.6 billion compared to SAR 37 billion for last year, an increase of 4.3%.

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