Riyadh – Mubasher: Riyad Bank registered net profits valued at SAR 2.01 billion in the first quarter (Q1) of 2023, higher by 30.08% year-on-year (YoY) than SAR 1.55 billion.
The earnings per share (EPS) went up to SAR 0.65 in Q1-23 from SAR 0.51 in Q1-22, according to the initial financial results.
Meanwhile, the clients’ deposits reached SAR 257.27 billion during the January-March 2023 period, an annual growth of 10.70% from SAR 232.41 billion.
The assets jumped by 9.23% YoY to SAR 380.62 billion in Q1-23 from SAR 348.46 billion, while the investments retreated by 7.35% YoY to SAR 54.69 billion from SAR 59.03 billion.
On a quarterly basis, the Q1-23 net profits edged down by 0.41% from SAR 2.02 billion in Q4-22.
Last April, Riyad Bank distributed SAR 1.95 billion as cash dividends for the second half (H2) of 2022.
In the 12-month period that ended on 31 December 2022, the Saudi lender recorded a 16.50% YoY surge in net profit to SAR 7.01 billion from SAR 6.02 billion.
