Riyad Bank's profits increased during the first quarter of this year by 30%, to exceed two billion riyals, in line with the average expectations of analysts.
A disclosure to the Saudi financial market showed on Tuesday that the increase in net profit amounting to 2.25 billion riyals is mainly due to the nearly double increase in total revenues, which amounted to 4.6 billion riyals.
The increase in total revenue is due to the increase in net special commission income, net trading income, net foreign currency exchange income, and other operating income, partially offset by a decrease in net gains from selling investments held for non-trading purposes, and net income from fees, commissions, and dividends.
The bank's data showed that the provision for credit losses increased by more than 144% to reach 624.1 million riyals, which was a major reason for the increase in operating expenses.
Customer deposits with the bank rose 10% to 257.3 billion riyals, during the period.
