News & Announcements

RIBL

28 April, 2024 15:45

Riyad Bank announces its Interim Financial Results for the Period Ending on 2024-03-31 ( Three Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Total Income From Special Commission of Financing	5,059,191	4,094,906	23.548	4,993,751	1.31
Total Income From Special Commission of Investment	610,227	536,891	13.659	606,724	0.577
Net Income From Special Commission of Financing	2,716,437	2,686,634	1.109	2,672,092	1.659
Net Income From Special Commission of Investment	334,444	401,714	-16.745	469,850	-28.818
Total Operations Profit (Loss)	4,087,687	4,036,229	1.274	3,932,147	3.955
Net Profit (Loss) before Zakat and Income Tax	2,311,004	2,251,521	2.641	2,179,190	6.048
Net Profit/(Loss)	2,072,723	2,019,592	2.63	1,954,564	6.045
Total Comprehensive Income	2,170,176	1,724,019	25.878	2,863,756	-24.219
Total Operating Expenses Before Provisions for Credit and Other Losses	1,345,715	1,161,721	15.838	1,273,858	5.64
Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net	436,588	624,108	-30.046	483,041	-9.616
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Assets	404,858,906	380,624,793	6.366
Investments	60,663,493	54,694,620	10.913
Loans And Advances Portfolio (Financing And Investment)	282,854,210	251,982,846	12.251
Clients' deposits	270,947,883	257,277,358	5.313
Total Shareholder’s Equity (After Deducting The Minority’s Rights)	53,513,978	49,269,924	8.613
Profit (Loss) per Share	0.66	0.64
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Amount	Percentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value	-	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in special commission income during the current quarter compared to the same quarter of the last year is	The special commission income increased by 22.4% mainly due to an increase in interest income from loans and advances and investments.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	Net income increased by 2.6 % mainly due to an increase in total operating income and decrease in total operating expenses. Total operating income increase was mainly due to an increase in fee and commission income net, gains on disposal of non-trading investments, net , and dividend income, partially offset by a decrease in net special commission income, trading income, net, exchange income, net, and other operating income. The total operating expenses decrease was mainly in impairment charge for credit losses and other financial assets, net, and impairment charge for investments, net partially offset by an increase in salaries and employee related expenses, other general and administrative expenses, depreciation of property, equipment and right of use assets, rent and premises-related expenses, and other operating expenses.
The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the same quarter of the last year is	Net provision of expected credit losses and other losses decreased by 30.05% mainly due to lower Impairment charge of credit losses and other financial assets, net and impairment charge for investments, net.
The reason of the increase (decrease) in special commission income during the current quarter compared to the previous quarter is	The special commission income increased by 1.2% mainly due to an increase in interest income from bank placements, loans and advances and investments.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter is	Net income increased by 6.0 % mainly due to an increase in total operating income partially offset by an increase in total operating expenses. Total operating income increase was mainly due to an increase in fee and commission income net, trading income, net, gains on disposal of non-trading investments, net, exchange income, net and dividend income, partially offset by a decrease in net special commission income, and other operating income. The total operating expenses increase was mainly due to an increase in salaries and employee related expenses, and other operating expenses offset by lower impairment charge for credit losses, impairment charge for investments, net, rent and premises-related expenses, depreciation of property, equipment and right of use assets and other general and administrative expenses.
The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the previous quarter is	Net provision of expected credit losses and other losses decreased by 9.6% mainly due to lower Impairment charge of credit losses and impairment charge for investments.
Statement of the type of external auditor's report	Unmodified Conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion)	N/A
Reclassification of Comparison Items	None
Additional Information	Basic and diluted earnings per share for the period ended 31 March 2024 is calculated on weighted average basis by dividing the net income attributable to common equity holders of the Bank,( adjusted for Tier 1 sukuk costs), for the period by 2,995 million shares(after excluding five million treasury shares). Basic and diluted earnings per share for the period ended 31 March 2023 is calculated by dividing the net income attributable to common equity holders of the Bank (adjusted for Tier 1 sukuk costs) for the period by 3,000 million outstanding shares.

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