Riyadh – Mubasher: The net profits of Riyadh Bank fell by 29.13% in the second quarter (Q2) of 2020, reaching SAR 1.06 billion when compared to SAR 1.5 billion in the same period last year.

Moreover, the lender’s total comprehensive income surged by 67.64% year-on-year (YoY) to stand at SAR 2.989 billion by June-end, according to a bourse statement on Thursday.

The decline in the bank’s net income is due to higher operating expenses resulting from an increase in impairment provisions during the second quarter.

Furthermore, the bank's total operating income witnessed a marginal rise of 1.5%, attributed largely to higher net special commission income as well as trading and exchange income. This rise was partially offset by a drop in fees and commission income, coupled with net gains realised from the sale of investments purchased for non-trading purposes.