Riyad Bank — Interim / Quarterly Report 2021

Apr 29, 2021

Riyad Bank announces its Interim Financial Results for the Period Ending on 31-03-2021 (Three Months)

1010 · 29/04/2021 15:29:43 · Announcement #63112 · View on Saudi Exchange

Riyad Bank announces its Interim Financial Results for the Period Ending on 31-03-2021 (Three Months)

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Total income from Special Commissions/Financing & Investments	2,300	2,608	-11.809	2,294	0.261
Net Income from Special Commissions/Financing & Investments	2,096	1,989	5.379	2,036	2.946
Total Operation Profit (Loss)	2,824	2,885	-2.114	2,789	1.254
Net Profit (Loss) before Zakat and Income Tax	1,529	1,659	-7.836	1,156	32.266
Net Profit (Loss)	1,354	1,476	-8.265	879	54.038
Total Comprehensive Income	1,373	-1,124	-	1,700	-19.235
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (after Deducting Minority Equity)	44,228	37,797	17.014
Assets	308,036	279,697	10.132
Investments	56,934	54,144	5.152
Loans and Advances Portfolio (Financing & Investment)	196,443	182,784	7.472
Clients' deposits	198,598	192,902	2.952
Profit (Loss) per Share	0.45	0.49
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	Net income was lower, mainly due to higher total operating expenses coupled with lower total operating income. The total operating expenses were higher by 4.1% due to higher impairment charge on investments, other general and administrative expenses and other operating expenses, offset by lower impairment charge for credit losses and other financial assets, net. Total operating income was lower by 2.2%mainly due to lower fee and commission income, net, trading and exchange income, net partially offset by higher net special commission income.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	Net income increased mainly due to drop in total operating expenses which were lower by 21.7 %, driven by a decrease in impairment charge for credit losses and other financial assets, net and other general and administrative expenses partially offset by increase in higher impairment charge on investments and other operating expenses. In addition, the total operating income was higher by 1.3% mainly due to increase in net special commission income and trading gains, net partially offset by decrease in other operating income and gains on non-trading investments.
Statement of the type of external auditor's report	Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	None
Reclassification of Comparison Items	None
Additional Information	Impairment charge for credit losses for the three months period ended 31 March 2021 was SAR 249 million, as compared to SAR 303 million in the corresponding period of last year and compared to SAR 648 million for the three months period ended 31 December 2020.

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