Riyad Bank recorded a 29% decrease in second quarter 2020 profits to reach 1.06 billion riyals, compared to 1.5 billion riyals in the second quarter 2019.
According to Arabia Net, profits decreased by 27.9% compared to the profits achieved in the previous quarter, as it was 1.47 billion riyals.
Net special commission income / financing and investments in the second quarter amounted to 2.1 billion riyals, compared to 1.96 billion riyals in the second quarter of 2019, a growth of 7.8%.
>During the first six months of 2020, the bank’s profits amounted to 2.53 billion riyals, compared to 2.98 billion riyals, in the corresponding period of last year, a decrease of 14.9%. p>
Riyad Bank said in a statement published on the Saudi market website Tadawul that profits were affected by a decrease in net income, due to higher operating expenses as a result of the increase in provisions for the decrease in value in the current period.
The total operating income witnessed a significant increase of 1.5%, mainly due to the rise in net special commission income, net trading income and net income in foreign exchange conversion, partially offset by it. Decrease in net fees and currency income and net gains from the sale of non-trading investments acquired.
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