Riyadh – Mubasher: Riyad Bank disclosed its financial statement for the second quarter of 2019.
Net profits hiked 78.14% to SAR 1.5 billion in Q2-19, compared to SAR 842 million in Q2-18, according to a filing to the Saudi Stock Exchange (Tadawul) on Tuesday.
The bank attributed the increase in net income due to the rise in total operating income by 22.9%, mainly driven by higher net special commission income, fee and commission income, net and gains on disposals of non-trading investments.
Total revenues increased by 28.8% to SAR 2.6 billion during the three-month period between April and June, from SAR 2.02 billion in the same period of the previous year.
For the first half of 2019, net profits of Saudi lender surged by 69.6% to SAR 2.98 billion, versus SAR 4.3 billion in H1-18.
The bank generated revenues worth SAR 5.03 billion in H1-19, against SAR 3.8 billion in H1-18, data showed.
Riyad Bank’s assets stood at SAR 246.1 billion during the first six months of 2019, while investments reached SAR 50.1 billion.
On the other hand, customer deposits advanced by 15% year-on-year to SAR 176.5 billion in H1-19.
Profit per share recorded SAR 0.99 by the end of June, from SAR 0.59 in the corresponding period of 2018.
