The financial statements of Riyad Bank showed an increase in the bank's profits last year by 27.8% compared to the bank's profits in 2020.
According to the bank's results on the official website of the Saudi market (Tadawul), profits last year amounted to 6.025 billion riyals, compared to profits in 2020 of 4.715 billion riyals.
The bank said in a statement to the stock exchange that the increase in profits during the comparison years is mainly due to a decrease in total operating expenses by 16.1% as a result of a decrease in the net provision for credit losses and other financial assets and investments. In addition to an increase in total operating income by 3.2%.
The increase in total operating income was mainly due to an increase in net fee and commission income, net gains on sale of non-trading investments, and net special commission income, partially offset by a decrease in Other operations income and net foreign currency conversion income.
The net provision for declining credit losses for the year ended December 31, 2021 amounted to about 853 million riyals, compared to 2,106 million Saudi riyals for the previous year.
The net provision for declining credit losses for the three-month period ending on December 31, 2021 amounted to about 234 million riyals, compared to 681 million riyals for the same period in 2020, and about 69 million riyals. million riyals for the three-month period ending on September 30, 2021.
