rose Quarterly earnings of Riyad Bank 14.7%, in the first quarter of 2022, to achieve 1.55 billion riyals, compared to 1.35 billion riyals, in the first quarter of 2021.
On a quarterly basis, profits decreased by 3.9%, from 1.6 billion riyals in the previous quarter.
Riyad Bank announced an increase in its profits on an annual basis due to a 14.7% increase in net income, mainly due to the increase in total operating income.
The bank stated that the increase in total operating income came as a result of the increase in net income from fees and commissions, net trading income, net foreign currency conversion income and net special commission income.
Also, the total operating expenses did not witness any fundamental changes, despite the increase in employee salaries and the like and other general and administrative expenses, but it was partially offset by the decrease in net impairment provisions and other operating expenses.
On a quarterly basis, the decline in profits was due to a decline in net income of 4.0%, mainly due to an increase in total operating expenses, partially offset by an increase in total operating income.
Total operating expenses also increased by 7.7% due to the increase in other general and administrative expenses and the net provision for impairment in the value of investments and other financial assets, partially offset by the decrease in the net impairment allowance for credit losses.
The increase in total operating income by 5.2% is due to the increase in net special commission income, net trading income and net foreign exchange income.”
