Riyad Bank increases profits by 42.2% in the second quarter

Riyadh Bank achieved a net profit growth of 42.2% in the second quarter of 2021.

The total commission income from financing and investment amounted to about 2.327 billion riyals, compared to 2.534 billion riyals during the same period last year, a decrease of 8.168%.

The increase in total operating income is due by 9.9% as a result of the increase in net fee and commission income, net gains from selling investments held for non-trading purposes, and net special commission income, offset by Partially a decrease in net foreign exchange income.

Also, total operating expenses witnessed a decrease of 16.4%, mainly due to the decrease in the net impairment provision for credit losses and other financial assets, partially offset by the increase in other general and administrative expenses. Employee salaries and the like.

The net provision for credit losses for the three-month period ending on June 30, 2021 amounted to about 229 million riyals, compared to 570 million riyals for the same period last year, a decrease of 59.8% and 249 million riyals for the three-month period ending March 31, 2021, a decrease of 8%.

The net provision for credit losses for the six-month period ending on June 30, 2021 amounted to about 479 million riyals, compared to 873 million Saudi riyals for the same period last year, a decrease of 45.2 %.