Riyad Bank — Interim / Quarterly Report 2016

Apr 13, 2016

Riyad Bank announces the interim financial results for the period ending on 31-03-2016 (Three Months)

1010 · 13/04/2016 15:10:10 · Announcement #42037 · View on Saudi Exchange

Riyad Bank announces the interim financial results for the period ending on 31-03-2016 (Three Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	1,174	1,172	0.17	851	37.96
Total profit (loss) operation income\ Investments	1,977	2,048	-	1,888	4.71
Net profit (loss) special commission income\ Investments	1,257	1,282	-	1,344	-
Earning or loss per share, Riyals	0.39	0.39	-	-	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Total Assets	227,001	216,533	4.83
Investments	43,399	46,843	-
Loans and advances portfolio	152,564	138,038	10.52
Customer deposit	165,195	165,025	0.1
All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	Net income increased because of lower operating expenses by 8.4%, mainly due to decrease in other general and administrative expenses, impairment charge for credit losses, and salaries and staff related expenses. While total operating income saw a decline of 3.5%, this is mainly due to the decline in fee and commission income, lower gains from non-trading, investments were offset by an increase in other operating income.
Reason of increase (decrease) for quarter compared with the previous quarter	Net income increased because of lower total operating expenses by about 22.6% as a result of the decrease in the impairment charge for credit losses, lower salaries and staff related expenses and lower other general and administrative expenses. Total operating income has increased by about 4.7% mainly due to increase in other operating 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.

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