Riyad Bank (RB) has posted a financial statement for the three months period, which ended March 31, 2003, according to which net income reached 386 million Saudi riyals ($102.9 million), up 5.7 percent from the SR365 million reported for the same period the previous year.
Total operating expenses reached SR368 million at the end of first quarter 2003, compared to SR338 million in 1Q02. The Bank’s total assets and liabilities as at March 31, 2003, amounted to SR67.78 billion, marking a slight rise from the SR67.128 billion reported at 1Q02-end.
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. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
