Riyadh – Mubasher: Riyad Bank on Thursday reported an 8.6% year-on-year rise in its net profits during the first quarter of 2018, compared to the year-ago period.
The Saudi bank generated a net profit of SAR 1.13 billion in the three-month period ended March 2018, compared to SAR 1.04 billion during Q1-17, according to a bourse filing.
The bank attributed the increase in its first-quarter profits to a 6.1% rise in total operating income after a growth in net special commission income and trading gains, coupled with a jump in net and fees and commission income and an 8% decrease in total operating expenses.
Shareholders' equity, excluding minority interest, fell 2.2% to SAR 36.2 million during Q1-18, versus SAR 37 billion in the comparative period of 2017, the Saudi Arabia-based lender added.
Quarter-on-quarter, Riyad Bank’s profits jumped 16.74% from SAR 974 million in Q4-17.
The stock of Saudi bank declined 3.28%, closing Wednesday at SAR 13.92.
