The financial statements of Riyad Bank showed an increase in the bank's profits in the first quarter of this year by 15% on an annual basis.
According to the bank's results for the Saudi market (Tadawul), today, Wednesday, profits for the period amounted to 1.55 billion riyals, compared to profits of 1.35 billion riyals in the first quarter of last year.< /p>
The bank explained that the reason for the increase in profits during the comparison periods is due to the increase in net income by 14.7%, mainly due to the increase in total operating income.
The net provision for credit losses in the first quarter decreased by 16% to about 255 million riyals, compared to 302 million riyals for the same period of the previous year.
