By: Thabet Shehata
Riyadh – Mubasher: Riyad Bank posted net profit of SAR 729 million in the third quarter of 2016 compared to SAR 899 million in the same period of the previous year.
The bank’s Q3 profits are considered the lowest in seven years, since 2010, during which it posted SAR 684.5 million.
The decline in the bank’s profits is normal, coinciding the state of the banks sector, but the decrease was more than the expected, Ali Al Jaafari, technical analyst, said.
He added that lower liquidity and the pressures of the contracting sector affected the banks sector negatively in the last period.
Riyad Bank’s loan and deposits portfolio increased 10.23% to SAR 152.63 billion in the third quarter of 2016 compared to SAR 138.5 billion in Q3-15, according to financial data.
On the other hand, the customers’ deposits shed 0.19% to SAR 160.82 billion by the end of Q3-16 from SAR 161.12 billion in the year-ago period.
The average expectations of three research firms for the Q3 profits of Riyad Bank reached SAR 967 million, according to a statistics by Mubasher.
Translated by: Sara Ghali
