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Saudi’s Riyad bank second quarter net profit up 9.4 percent

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Saudi Arabia's Riyad Bank posted a 9.4 percent rise in second-quarter net profit on the back of improved operational income, the bank said on Sunday, beating analysts' forecasts.

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July 9, 2012 10:31 by



Saudi Arabia’s Riyad Bank posted a 9.4 percent rise in second-quarter net profit on the back of improved operational income, the bank said on Sunday, beating analysts’ forecasts.

The kingdom’s third-largest lender by market value made 914.4 million riyals ($243.8 million) in the three months to June 30, up from 836 million riyals in the year-earlier period, the firm said in a bourse statement.

Analysts polled by Reuters had, on average, estimated earnings of 864 million riyals.

Operational income for the second quarter rose 16.3 percent versus the same period last year to 1.8 billion riyals, while income from special commissions increased by 2.6 percent in the same timeframe to 1.1 billion riyals.

Loans and advances at the end of June rose 4.1 percent compared to the corresponding point in 2011 to 115 billion riyals, while customer deposits increased 3.5 percent to 137 billion riyals, the statement added.

The bank announced last week it would distribute a cash dividend of 975 million riyals for the first half of 2012, equivalent to 0.65 riyals per share and 6.5 percent of the bank’s paid-up capital.

($1 = 3.7501 Saudi riyals)

(Reporting by Asma Alsharif; Editing by David French)



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