Riyad Bank income up by 16.6%
The Chairman of Riyad Bank, Mr. Rashed Abdulaziz Al-Rashed, announced that the Bank achieved a Net Income of SAR 1,417 million for the nine months ending September. 30th 2004, an increase of 16.6% compared to the same period last year.
Al-Rashed pointed out that the total Operating Income reached SAR 2,498 million, recording a growth of 3.5% over the same period last year. Fees from Banking Services increased to SAR 466 million, an increase of 50.7% over the same period last year, which had recorded SAR 309 million. Net Special Commission Income increased by 8.6% reaching SAR 1,766 million, compared to SAR 1,626 million for the same period last year.
Mr. Al-Rashed also mentioned that the Bank’s assets reached SAR 73,219 million, recording a growth of 4.6% over the same period of last year. The Loans and Advances, net recorded a growth of 17.6 % over the same period last year, to reach SAR 31,979 million by the end of the third Quarter. Total customer deposits reached SAR 47,479 million compared to SAR 44,911 million for the same period last year.
Also, the Bank has improved its performance ratios. Return on Equity reached 20.2 %, from 18.3 % compared to same period last year, Return on Assets up to 2.6% compared to 2.3% for the same period last year, Efficiency Ratio improved to 41% as compared to 42.3% in the same period last year, which indicates the ability of the Bank to develop the systems and human resources to increase its overall productivity and efficiency. (menareport.com)
© 2004 Mena Report (www.menareport.com)