Riyad Bank's net profit up 13 percent in 1Q 2004
Riyad bank posted a 13 percent net profit rise for the first quarter of 2004, with earnings reaching 436 million Saudi riyals ($116 million) compared to SR 386 million recorded during the same period last year.
Return on equity has increased in the first three months of the year to 19.3 percent compared to 17.4 percent for the same period last year. Return on Assets has increased to 2.4 percent compared to 2.28 percent for the same period last year.
According to Chairman of Riyad Bank Rashed Abdulaziz Al-Rashed, the bank's total operating income increased by 14.5 percent in the first quarter of 2004 to SR 863 million compared to the same period last year.
Riyad Bank was established in 1957 with an initial capital of SR 50 million. The joint stock company is a full service commercial bank, which is 71 percent owned by the private sector with the balance held by Saudi government agencies. — (menareport.com)
© 2004 Mena Report (www.menareport.com)