Riyadh – Mubasher: Riyad Bank on Tuesday reported a 25.24% year-on-year jump in its net profits for the second quarter of 2018, while the lender's profits levelled up 16.04% during the first six months of this year.

Riyad Bank logged a net profit of SAR 1.06 billion during the period between April to June, compared to SAR 848 million in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits tumbled 6.6% in Q2-18, from SAR 1.137 billion, Saudi Arabia's fourth-largest lender by assets noted. 

The Tadawul-listed bank attributed the growth in its second-quarter profits to a 9.5% rise in total operating income as net special commission income and fees income levelled up.

Shareholder's equity, excluding the minority interest, hiked 0.8% to SAR 36.9 billion by June-end, compared to SAR 36.6 billion for the prior-year period, the statement added.

As for the first six months of this year, the Saudi lender posted a net profit of SAR 2.2 billion, compared to SAR 1.9 billion in the year-ago period.

Riyad Bank attributed the increase in its first-half net profits to a 7.8% growth in total operating income after net special commission income and fees income rose.

The stock increased 2.47% to close Monday's trading session at SAR 17.42.