Riyad Bank's financial data showed a decline in the bank's profits in the first nine months of this year by 14.6% on an annual basis.
According to the bank's results for the Saudi market (Tadawul), today, Sunday, profits for the period amounted to 3.835 billion riyals, compared to the profits of the first nine months of last year amounting to 4.491 billion riyals.
The bank said in a statement to the stock exchange that the decline in profits during the comparison periods was due to the increase in total operating expenses, partially offset by the increase in total operating income.
The increase in total operating expenses by 29.5% is due to the increase in net impairment allowances, employee salaries and the like, and depreciation charges in the current period.
The total income of operations increased by 5%, as a result of the increase in net special commission income, net trading income and net foreign exchange income, partially offset by a decrease in net fee and commission income and net Gains from the sale of investments held for non-trading purposes.
The bank's profits in the third quarter of this year amounted to 1.296 million riyals, compared to profits of 1.506 million riyals for the same period of 2019, with a 13.9% decline in profits.
