Riyad Bank (1010) saw its net profits increase by 27% year-on-year in the third quarter of this year, reaching approximately 2.6 billion riyals.
Details
Riyad Bank, the third-largest bank in Saudi Arabia by assets, attributed its high profits to an increase in total operating income and a decrease in its expenses from July to September 2024.
It also witnessed a 16.8% YoY growth in commission income due to increased loans, advances, and investments.
So what
The bank’s share hit its highest level this month during Monday’s morning trading session on the back of the announcement of its strong results.
It reached SAR 25 before a bit of a drop below levels recorded at the end of last month.
Some context
The bank’s net profits rose by about 16% YoY in the first nine months of the current year, exceeding SAR 7 billion.
Earnings per share jumped to SAR 2.28, compared to SAR 1.95 during the same period in 2023.
Riyad Bank recently completed an issuance of sustainable tier-one capital Sukuk, valued at USD 750 million with a five-year tenor at an annual yield of 5.5%.
