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Riyad Bank reports 13% jump in profit

Salaries and impairment charges on investments weighed on profit during the nine-month period, leading to a rise in expenses. (Twitter)
By TRENDS Desk AFP
October 24, 2022 1:34 pm
  • The bank saw its shares increase 1.84 percent at the end of Sunday to reach SR36
  • The profit hike was buoyed by higher operating income, due to an increase in earnings from net special commissions, fees and commissions

Riyadh, Saudi Arabia— Riyad Bank has reported a 13 percent increase in profit to $1.3 billion in the first nine months of 2022.

The bank saw its shares increase 1.84 percent at the end of Sunday to reach SR36.

The profit hike was buoyed by higher operating income, due to an increase in earnings from net special commissions, fees and commissions, and exchanges, the bank said.

However, salaries and impairment charges on investments weighed on profit during the nine-month period, leading to a rise in expenses.

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