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Riyad Bank’s profits up 10.5% in H1-22 interim results

Riyad Bank’s profits up 10.5% in H1-22 interim results
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Riyadh – Mubasher: Riyad Bank has recorded net profits worth SAR 3.16 billion during the first half (H1) of 2022, higher by 10.44% than SAR 2.86 billion in H1-21.

Earnings per share (EPS) stood at SAR 1.05 in the first six months (6M) of 2022, versus SAR 0.96 during the same period a year earlier, according to the initial financial results on Thursday.

Additionally, clients’ deposits enlarged by 17.30% year-on-year (YoY) in H1-22 to SAR 237.47 billion from SAR 202.45 billion. Meanwhile, the assets amounted to SAR 357.95 billion during the January-June 2022 period, up 12.82% YoY from SAR 317.26 billion.

On the other hand, investments declined by 6.27% in H1-22 to SAR 53.53 billion from SAR 57.12 billion in H1-21.

During the second quarter (Q2) of 2022, the bank’s net profits increased by 6.55% YoY to SAR 1.61 billion, compared to SAR 1.51 billion.

Last July, the Saudi lender’s board agreed to distribute cash dividends worth SAR 1.50 billion for H1-22 on 11 August.

In the January-March 2022 period, Riyad Bank logged net profits worth SAR 1.55 billion, an annual jump of 14.69% from SAR 1.35 billion.