Riyad Bank posts SR875 million profit for first half 2003
Riyad Bank recorded a net profit of 875 million Saudi riyals ($233.3 million) in the first half of financial year 2003, which ended December 31, 2002. This constitutes an increase of approximately 15 percent over the same period last year. The return on equity grew from 18.24 percent to 19.87 percent and return on assets, from 2.26 percent to 2.57 percent.
“The Bank’s performance has been very encouraging despite the continuous volatility in the capital markets. The Bank has exerted extensive efforts to overcome these challenges,” stated Chairman Rashed Abdulaziz Al– Rashed.
He added that the bank’s trading portfolio has achieving a return of SR237 million as compared to SR42 million for the first six months of last year. Coupled with the increase in the bank’s trading portfolio revenues, there was also an increase in fees from banking service of SR68.3 million or 44.8 percent.
In addition, gains on investments had almost doubled to SR75.2 million, a 92.1 percent increase compared to the same period last year. The bank attracted additional customer deposits of one billion SR, to reach SR43 billion, an increase of 2.4 percent.
At the same time, the bank reported net of SR26 billion in loans and advances, an increase of two billion SR, or 9.5 percent. The bank also increased its investment portfolio by 3.6 percent to a value of SR33 billion.
Riyadh Bank is a Saudi joint stock company. RB was established in 1957, with an initial capital of SR50 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. — (menareport.com)
© 2003 Mena Report (www.menareport.com)