Riyadh – Mubasher: Riyad Bank reported a 44.68% year-on-year profit hike in the first quarter of 2019.
The Saudi lender’s net profits amounted to SAR 1.65 billion ($440.4 million) in the first three months of 2019, compared to SAR 1.14 billion ($304.3 million) in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.
Quarter-on-quarter, the Saudi lender’s net profits soared 21.67% from SAR 1.35 billion in Q4-18.
The net profit increase was supported by a 21.1% growth in total operating income “mainly driven by higher net special commission income and fee and commission income,” the statement added.
Net commission income surged 18.8% to SAR 1.8 billion in Q1-19, compared to SAR 1.52 billion in the prior-year period.
On the other hand, total operating expenses grew 4.7 %, the bank added.
