Riyadh – Mubasher: Riyad Bank's profits for the third quarter of 2016 declined 18.9% year-on-year to SAR 729 million ($194.4 million) from SAR 899 million ($239.73 million), according to a bourse filing.
The annual income compared to Q3-15 decreased due to higher total operating expenses (+16.3%) that are driven by an increase in other general and administrative expenses, impairment charge for investments and salaries and employee-related expenses offset.
The total operating income marginally slid by 0.4% as a result of a decrease fee and commission income and gains on non-trading investments offset by an increase in net special commission income and exchange income.
Quarter-on-quarter, profits went down 36.4% from SAR 1.146 million, the bourse filing revealed.
Over the first nine months, net profit fell 4.66% year-over-year to SAR 3.05 billion from SAR 3.2 billion.
The aggregate operating income for the current period includes the sale of a land worth SAR 201.1 million, which was initially acquired in settlement of certain loans and advances.(30 September 2015: SAR 266.6 million), according to the bourse statement.
