Riyadh – Mubasher: Riyad Bank reported net profits after Zakat and income tax of SAR 1.296 billion during the third quarter (Q3) of 2020, down 13.9% from SAR 1.51 billion in the corresponding quarter of 2019.

The decline in net profits is attributed to lower net income by 13.9% and higher operating expenses and total operating income by 23.7% and 2.1%, respectively, according to the bank's interim financials for the period ended on 30 September 2020.

The bank's total revenue from special commissions, financing, and investments decreased by 10.94% to SAR 2.38 billion in Q3-20, when compared to the same quarter of 2019.

During the first nine months of 2020, the bank saw a 14.6% decrease in net profits to SAR 3.84 billion from SAR 4.49 billion in the corresponding months of 2019.

The earnings per share (EPS) settled at SAR 1.28 in the January-September period of 2020, against SAR 1.5 in the year-ago period.

It is noteworthy to mention that in the second quarter (Q2) of 2020, the bank's net profits fell by 29.13%, reaching SAR 1.06 billion when compared to SAR 1.5 billion in the same period last year.