Riyad Bank reported a 17% rise in 2022 net profit to SAR 7.01 billion, compared to SAR 6.02 billion in 2021, driven by higher total operating income despite being partially offset by increased operating expenses (OpEx).
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Net Special Commission Income | 8,293.17 | 10,052.45 | 21.2 % |
| Operating Income | 11,567.84 | 13,599.37 | 17.6 % |
| Total Provisions | (860.85) | (1030.59) | (19.7 %) |
| Net Income | 6,025.38 | 7,019.32 | 16.5 % |
| Average Shares | 3,000.00 | 3,000.00 | - |
| EPS (Riyals) | 2.01 | 2.34 | 16.5 % |
| EPS Diluted (Riyals) | 2.01 | 2.32 | 15.4 % |
The higher total operating income was driven mainly by an increase in net special commission income, fee and commission income, and, net and exchange income. This was partially offset by a drop in gains on disposal of non-trading investments, along with net and dividend income.
Total OpEx increased due to higher net provisions for impairment of investments and credit losses and other financial assets. In addition, the bank also noted an increase in general and administrative expenses, and, salaries and employee related expenses.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Net Special Commission Income | 2,069.63 | 2,851.65 | 37.8 % |
| Operating Income | 2,949.34 | 3,742.24 | 26.9 % |
| Debt Provisions | (243.52) | (377.88) | (55.2 %) |
| Net Income | 1,617.36 | 2,027.83 | 25.4 % |
| Average Shares | 3,000.00 | 3,000.00 | - |
| EPS (Riyals) | 0.54 | 0.68 | 25.4 % |
| EPS Diluted (Riyal) | 0.54 | 0.68 | 25.9 % |
In Q4 2022, net profit jumped 25% year-on-year (YoY) to SAR 2.02 billion.
On a sequential basis, net profit increased by 11% from SAR 1.82 billion.
Total shareholders' equity, no minority interest, declined to SAR 46.78 billion as of Dec. 31, 2022, from SAR 47.29 billion a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Assets | 325.74 | 359.65 | 10.4 % |
| Customer Deposits | 211.68 | 240.01 | 13.4 % |
| Loan | 217.29 | 242.36 | 11.5 % |
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