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Riyad Bank posts 81.2% increase in FY19 net profits

Riyad Bank posts 81.2% increase in FY19 net profits
Riyad Bank’s total revenue increased by 24.47% in FY19
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Riyadh – Mubasher: Riyad Bank’s net profits jumped by 81.2% to SAR 5.60 billion in 2019 from SAR 3.09 billion in 2018, according to the bank’s annual financial results for the period ended on 31 December 2019.

The surge in the bank’s net profits in fiscal year 2019 resulted from a 19.5 % increase in total operating income, a 61.2% decrease in zakat fees, and a rise of 7.8% in total operating expenses.

Meanwhile, Riyad Bank’s total revenue from special commissions, financing and investments increased by 24.47% to SAR 10.37 billion in 2019, compared to SAR 8.33 billion in the previous year.

The earnings per share (EPS) stood at SAR 1.87 in 2019, versus SAR 1.03 in 2018.

It is noteworthy to mention that during the first nine months of 2019, the bank’s earnings increased by 66.09% to SAR 4.49 billion from SAR 2.70 billion in the same period in of the previous year.