Saudi's Riyad Bank Q1 Net Up 22 Percent; Above Estimates

Saudi's Riyad Bank Q1 Net Up 22 Percent; Above Estimates

Saudi Arabia's Riyad Bank posted a 21.6 rise in net profit in the first quarter, beating forecasts on higher operating income.

April 15, 2012 9:14 by kippreport

Saudi Arabia’s Riyad Bank posted a 21.6 percent rise in net profit in the first quarter, beating forecasts on higher operating income.
The kingdom’s third-largest lender by market value made SAR901 million ($240.3 million) in the three months leading to the end of March, up from SAR741 million in the same period the previous year, the firm’s statement read on Saturday.
Analysts polled by Reuters had estimated average earnings of SAR843.9 million.
“The increase in the bank’s profitability in comparison to the same period of 2011, is mainly attributed to the increase of operating income,” the statement said, showing a 9.4 percent rise in operating income to SAR1.67 billion.
Loans and advances rose by 4 percent to SAR113.7 billion, while customer deposits increased by 4.8 percent to SAR139.5 billion, the statement added. ($1 = SAR3.7502)

(Reporting by Amena Bakr; Editing by Firouz Sedarat)