Saudi Arabia's Riyad Bank said its net profit rose by 15% to 8.05 billion Saudi riyals ($2.15 billion) in 2023, compared to SAR 7.02 billion a year ago on higher operating income that was partially offset by an increase in total operating expenses.

The net profit narrowly beat analysts’ mean estimate of SAR 7.9 billion, according to LSEG data.

Total operating income increased by 17% year-on-year (YoY) to SAR 15.89 billion, mainly due to an increase in net special commission income, trading income, and other operating income.

Special commission income increased 60% YoY, driven by a rise in interest income from loans and investments, the bank said in a regulatory filing on Tadawul bourse on Monday.

Loans and advances jumped 13% YoY to SAR 274 billion last year. Customer deposits increased 6.2% YoY to SAR 254.9 billion.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)