Riyadh – Mubasher:  Riyad Bank disclosed its interim financial results for the third quarter of 2019.

Net profits hiked by 59.3% to SAR 1.5 billion in Q3-19, from SAR 945 million in Q3-18, according to the bank’s filing to the Saudi Stock Exchange (Tadawul) on Sunday.

“Net income was 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 statement said.

Revenues of the largest financial institutions in Saudi Arabia increased by 23.4% year-on-year to SAR 2.66 billion during the three-month period ended in September.

For the first nine months of 2019, net profits of Riyad Bank grew by 66.08% to SAR 4.49 billion, compared to SAR 2.7 billion in the corresponding period in the prior fiscal year.

Total revenues went up by 27.3% to SAR 7.7 billion by the end of September, versus SAR 6.05 billion in September 2018.

In September, the bank’s assets stood at SAR 250.57 billion, while total investments registered SAR 225.9 billion over the same period.

Profit per share recorded SAR 1.5 in nine months, against SAR 0.9 in the same period last year.