Riyad Bank nine-month profits up 17.8 percent
The Riyad Bank (RB) recorded a one billion Saudi riyal ($267 million) net income in the first nine months of 2001, achieving a 17.8 percent increase over the previous year's corresponding period, reported Al-Hayat.
The bank’s total transaction revenues exceeded two billion SR ($533 million) in the first nine months of the present year, a 15 percent increase compared with the same period in 2000. The bank’s revenues from private account fees hit SR 1.56 billion (517 million) in the first nine-months’ period.
RB was established in 1957, with an initial capital of SR 50 million, as a full service commercial bank. The Saudi private sector owns 71 percent of the bank and the balance is held by Saudi government agencies.
Its main activity is providing commercial banking services through its network of 193 branches in Saudi Arabia, in addition to its overseas branches and subsidiaries in London, Houston and Singapore.
Riyad bank is one of the largest banks in the sector with an asset size of SR 66.8 billion. Its long-term performance is one of consistency, though the growth rate has fallen in the last three years. However, the net profit grows at a healthy 15.95 percent rate per annum, according to the Consulting Center for Finance and Investment. Over the 10-year period ending in 2000, RB has grown the size of its balance sheet from SR 48 billion to SR 65.5 billion, representing a 36 percent increase. — (Mena report)
© 2001 Mena Report (www.menareport.com)