Riyadh – Mubasher: Riyad Bank posted on Sunday its financial results for the second quarter of 2016, showing a rise in net profit by 1.6% year-on-year to SAR 1.15 billion ($3.06 billion) from SAR 1.13 billion ($3.01 billion) in Q2-15.
The net profits of Q2-16 were down 2.39% quarter-on-quarter from SAR 1.17 billion.
Total operating expenses were down by 15.1% in Q2 and by 11.5% in H1, which is a result of the fall of credit loss provisions, while investment loss provisions increased.
Operating income declined 6.5% in Q2-16, and 4.8% in six-month period of the same year.
The Saudi-listed bank’s net profits edged up 0.87% in H1-16 to SAR 2.32 billion from SAR 2.30 billion in the year-ago period.
