Riyadh – Mubasher: Riyad Bank on Wednesday stated that its profits surged 48% in the third quarter of 2017, compared to the year-ago period.
The bank’s profits stood at SAR 1.077 billion in Q3-17, compared to SAR 729 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits levelled up 27%.
The bank attributed the growth in its year-on-year profits to the rise of operating income with 11.9% due to the increase in net income of special commissions.
At the level of the first nine months of 2017, the Tadawul-listed bank’s profits fell 2.5% to SAR 2.972 billion, from SAR 3.049 billion in the corresponding period in the year earlier.
