Riyadh – Mubasher: Riyad Bank posted on Wednesday its financial results for the first quarter of 2016, showing a slight rise by 0.17% in net profit to SAR 1.174 billion ($313.06 million), from SAR 1.172 billion ($312.53 million) in the same quarter last year.
The Tadawul-listed bank ascribed the profit growth to a 8.4% decrease in total operating expenses, mainly due to decrease in other general and administrative expenses, impairment charge for credit losses, and salaries and staff related expenses.
While total operating income saw a decline of 3.5%, this is mainly due to the decline in fees and commission income, lower gains from non-trading, investments were offset by an increase in other operating income, the bank added.
