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Riyad Bank has reported a 27% year-on-year (YoY) rise in Q3 2024 net profit to 2.65 billion riyals ($707.7 million) as operating income rose and impairment costs fell.
The net profit was exceeded analysts' mean estimate of SAR 2.09 billion, according to LSEG data.
Net income from commission on financing was up 13% at SAR 2.98 billion while net income from commission on investment was SAR 313 million, down 29% YoY.
Provision for expected credit losses declined by 19% to SAR 286 million.
The lender made a nine-month 2024 net profit of SAR 7.06 million, 16% higher YoY.
(Reporting by Brinda Darasha; editing by Seban Scaria)
