The increase in net income is due to the increase in total operating income
Dubai – Al Arabiya.net
Posted on: July 19, 2023: 09:28 AM GST Last updated: July 19, 2023: 09:43 AM GST
The financial statements of Riyad Bank showed an increase in profits for the second quarter of 2023 by 23% to 1.98 billion riyals, compared to 1.611 billion riyals in the same quarter of the previous year.
On a quarterly basis, the bank’s profits decreased in the second quarter of the year by 1.84%, compared to profits of 2.01 billion riyals in the first quarter of the year.
The bank said in a statement on Tadawul Saudi Arabia today, Wednesday, that the increase in net income is mainly due to the increase in total operating income, which was partially offset by an increase in total operating expenses.
The increase in total operating income is due to the increase in net special commission income, net trading income, net foreign exchange income and other operating income, partially offset by a decrease in net gains from selling investments held for non-trading purposes, and net income from fees, commissions and dividends.
The bank stated that the increase in total operating expenses is mainly due to the increase in the net provision for impairment of credit losses and other financial assets, employee salaries and the like, other general and administrative expenses, depreciation of property and equipment and the right to use assets, partially offset by the decrease in the net provision for impairment of investments.
The bank’s profits increased in the first half of the year by 26.49% to 4 billion riyals, compared to 3.16 billion riyals in the same period of 2022.
2023-07-19 05:28:00
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