Riyadh Bank posted a net profit of SR436 million during the first quarter of 2004, an increase of 13% from SR386 million for the same period last year, according to Rashed Abdul Aziz Al-Rashed, Chairman of the Bank.
“The Bank’s performance reflects its commitment to maintain continuous, balanced growth, which has resulted in a year on year increase in value for shareholders. Return on equity has increased to 19.3%, compared to last year’s 17.4%,” Al-Rashed told Arab News.
Al-Rashed noted that the bank has been working to improve and expand its banking services. Total operating income reached SR863 million, up 14.5%. The bank recorded a 4.6% rise in net special commission income to SR25 million during the first quarter of 2004; it also maintained growth in fees from banking services to reach SR121 million, which is SR37 million more than last year. The trading portfolio achieved gains of SR137 million, doubling the previous figure, despite volatile market conditions.
Al-Rashed said that the bank achieved significant growth in all major areas of its balance sheet. Loans and advances increased by 17.4%, to reach SR29 million, and customer deposits stood at a total of SR44,840 million at the end of the first quarter.
Source: SPA
