Riyad Bank’s net profit increased 14.7% in the first quarter to 1.5 billion riyals

Riyad Bank’s quarterly profits increased 14.7% in the first quarter of 2022, to reach 1.55 billion riyals, compared to 1.35 billion riyals in the first quarter of 2021.

On a quarterly basis, profits fell 3.9%, from 1.6 billion riyals in the previous quarter.

Riyad Bank announced an increase in its profits on an annual basis due to a 14.7% increase in net profit, mainly due to the increase in total operating income.

The bank stated that the increase in total operating income is the result of the increase in net commission income, net trading income, net foreign currency conversion income and net special fees.

In addition, total operating expenses did not undergo substantial changes, despite the increase in employee salaries and similar and other general and administrative expenses, but was partially offset by the decrease in net provisions for write-downs and other operating costs.

On a quarterly basis, the decline in profit is due to a 4.0% drop in net profit, mainly due to the increase in total operating costs, partially offset by an increase in total operating profit.

Total operating expenses also increased by 7.7% due to the increase in other general and administrative expenses and the net bad debt provision for equity investments and other financial assets, partially offset by the decrease in the net bad debt provision.

The 5.2% increase in total operating income is due to the increase in net special commissions, net trading income and net exchange rate income “.

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