Riyad Bank’s net profits cross $1.6bln in 9M-23

PHOTO

Riyad Bank recorded 22.03% year-on-year (YoY) higher net profits at SAR 6.09 billion in the first nine months (9M) of 2023, compared to SAR 4.99 billion.

The clients’ deposits hit SAR 254.71 billion in 9M-23, up 7.98% from SAR 235.89 billion in 9M-22, according to the interim financial results.

Earnings per share (EPS) stood at SAR 1.95 as of 30 September 2023, an annual rise from SAR 1.64.

Assets increased by 8.37% to SAR 377.01 billion in 9M-23 from SAR 347.88 billion a year earlier, while investments surged by 8.71% to SAR 57.88 billion from SAR 53.24 billion.

Financials for Q3-23

During the third quarter (Q3) of 2023, the Saudi lender generated SAR 2.08 billion in net profit, higher by 14.32% YoY than SAR 1.82 billion.

On a quarterly basis, the Q3-23 net profits jumped by 5.40% from the SAR 1.98 billion reported in Q2-23.

In the first half (H1) of 2023, the bank’s net profits amounted to SAR 4 billion, while the EPS hit SAR 1.28.