Riyad Bank announces its Interim Financial Results for the Period Ending on 2019-09-30 ( Nine Months )

27 October 2019 08:08 AM

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Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Total Revenue from Special Commissions/Financing & Investments	2,668	2,161	23.461	2,606	2.379
Net Income from Special Commissions/Financing & Investments	2,034	1,717	18.462	1,963	3.616
Total Operation Profit (Loss)	2,762	2,281	21.087	2,670	3.445
Net Profit (Loss)	1,506	945	59.365	1,500	0.4
Total Comprehensive Income	1,374	926	48.38	1,783	-22.938
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Revenue from Special Commissions/Financing & Investments	7,705	6,052	27.313
Net Income from Special Commissions/Financing & Investments	5,806	4,870	19.219
Total Operation Profit (Loss)	8,012	6,584	21.688
Net Profit (Loss)	4,491	2,704	66.087
Total Comprehensive Income	5,228	2,503	108.869
Total Share Holders Equity (after Deducting Minority Equity)	39,242	36,750	6.78
Assets	250,573	225,966	10.889
Investments	51,314	47,726	7.517
Loans and Advances Portfolio (Financing & Investment)	166,275	145,761	14.073
Customer Deposits	177,672	159,245	11.571
Profit (Loss) per Share	1.5	0.9
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
Increase (Decrease) in Net Profit for Current Quarter Compared to Same Quarter Last Year is Attributed to	Net income were higher because of increase in total operating income by 21.1%, mainly driven by higher net special commission income, fee and commission income, net and gains on disposals of non-trading investments. The total operating expenses were lower by 2.4 %, mainly due to lower impairment charge for credit losses and other financial assets, net.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to	Net income increased marginally because of higher total operating income by 3.5% mainly due to increase in net special commission income and fee and commission income, net, partially offset by drop in gains on disposals of non-trading investments. The total operating expenses increased by 8.5 % mainly due to increase in other general and administrative expenses and lower reversals on impairment charge for investments, net in the current quarter.
Increase (Decrease) in Net Profit for Current Period Compared to the Same Period Last Year is Attributed to	Net income increased because of higher total operating income by 21.7% mainly due to increase in net special commission income and fee and commission income, net and disposal gains on the non-trading portfolio. The decrease in total operating expenses was 2.8%, mainly resulting from lower impairment charge in current period.
Basis of the External Auditor's Opinion	Unmodified opinion
Reclassification of Comparison Items	Starting from the quarter ended 30 June 2019, Zakat is to be accrued at end of each financial reporting period and recognized in consolidated statement of income with a corresponding liability recognized in the consolidated statement of financial position in accordance with International Financial Reporting Standard (IFRS) and other standards and pronouncements endorsed by SOCPA. In addition to the above, some items have been re-classified.
Additional Information	The net income before zakat for the 3 month and 9 month period ended 30 September 2019 was SAR 1,676 million ( 30 September 2018: SAR 1,165 million) and SAR 4,991 million( 30 September 2018: SAR 3,364 million) respectively. The net income before zakat for the 3 month period ended 30 June 2019 was SAR 1,670 million. Basicanddilutedearningspersharefortheperiodended30September2019and2018arecalculatedbydividingthenetincomeafterzakatfortheperiod by 3,000 million outstanding shares.

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