Riyad Bank reported a marginal decline of 0.6% year-on-year (YoY) in net profit to SAR 1.476 billion for Q1 2020, compared to SAR 1.485 billion in year-earlier period.
The marginal decrease came on higher operating expenses, impairment charges for credit losses and other financial assets, salaries and other employee-related costs.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,808.72 | 1,989.32 | 10.0 % |
| Operating Income | 2,580.14 | 2,885.48 | 11.8 % |
| Debt Provisions | (162.37) | (303.40) | (86.9 %) |
| Net Income | 1,484.79 | 1,476.43 | (0.6 %) |
| Average Shares | 3,000.00 | 3,000.00 | - |
| EPS (Riyals) | 0.49 | 0.49 | (0.6 %) |
| EPS Diluted (Riyal) | 0.49 | 0.49 | 0.0 % |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Net Special Commission Income | 2,031.12 | 1,989.32 | (2.1 %) |
| Operating Income | 2,704.66 | 2,885.48 | 6.7 % |
| Debt Provisions | (334.93) | (303.40) | 9.4 % |
| Net Income | 1,111.18 | 1,476.43 | 32.9 % |
| Average Shares | 3,000.00 | 3,000.00 | - |
| EPS (Riyals) | 0.37 | 0.49 | 32.9 % |
| EPS Diluted (Riyal) | 0.37 | 0.49 | 32.4 % |
When compared to Q4 2019, net profit rose 33% buoyed by higher operating income, increased fee and commission income, as well as net trading gains, and net gains from disposal of non-trade investments.
Moreover, lower operating expenses, general and administrative expenses, impairment charges for credit losses also boosted the bank’s results.
| Item | 3m 2019 | 3m 2020 | Change |
|---|---|---|---|
| Assets | 239.52 | 279.70 | 16.8 % |
| Customer Deposits | 173.49 | 192.90 | 11.2 % |
| Loan | 158.24 | 182.78 | 15.5 % |
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