Riyad Bank announces its Interim Financial Results for the Period Ending on 2023-09-30 ( Nine Months )

22 October 2023 09:05 AM

RIBL 1010 -0.15% 27.36 -0.04

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Gross Income from Special Commissions/Financing & Investments	5,307,606	3,527,247	50.47	5,066,237	4.76
Net Income from Special Commissions/Financing & Investments	3,074,871	2,672,189	15.07	3,109,117	-1.1
Total Operation Profit (Loss)	3,978,144	3,525,125	12.85	3,952,318	0.65
Net Profit (Loss) before Zakat and Income Tax	2,330,169	2,039,669	14.24	2,209,919	5.44
Net Profit (Loss)	2,089,369	1,827,669	14.32	1,982,319	5.4
Total Comprehensive Income	1,859,807	1,696,694	9.61	2,019,319	-7.9
Total Provisions (Reversals) for Expected Credit and Other Losses, net	352,517	308,430	14.29	512,022	-31.15
Total Operating Expenses Before Provisions for Credit and Other Losses	1,298,901	1,174,478	10.59	1,234,144	5.25
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Gross Income from Special Commissions/Financing & Investments	15,005,640	8,815,253	70.22
Net Income from Special Commissions/Financing & Investments	9,272,336	7,200,794	28.77
Total Operation Profit (Loss)	11,966,691	9,857,124	21.4
Net Profit (Loss) before Zakat and Income Tax	6,791,609	5,593,084	21.43
Net Profit (Loss)	6,091,280	4,991,491	22.03
Total Comprehensive Income	5,603,145	2,657,404	110.85
Total Share Holders Equity (excluding Non-Controlling Interest)	50,881,308	46,775,784	8.78
Assets	377,011,637	347,880,918	8.37
Investments	57,882,296	53,245,812	8.71
Loans and Advances Portfolio (Financing & Investment)	267,150,996	241,585,644	10.58
Total Provisions (Reversals) for Expected Credit and Other Losses, net	1,488,647	916,528	62.42
Total Operating Expenses Before Provisions for Credit and Other Losses	3,694,766	3,272,499	12.9
Clients' deposits	254,719,260	235,891,686	7.98
Profit (Loss) per Share	1.95	1.64
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	Net income increased by 14.3% mainly due to an increase in total operating income partially offset by an increase in total operating expenses. The total operating income increased mainly due to an increase in net special commission income, fee and commission income, and trading income, net partially offset by a decrease in exchange income, net, other operating income, and gains on disposal of non-trading investments, net. The total operating expenses increased mainly due to an increase in impairment charge for credit losses and other financial assets, net, salaries and employee related expenses, depreciation of property, equipment and right of use assets, and other general and administrative expenses partially offset by lower Impairment charge for investments, net and other operating expenses.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is	Net income increased by 5.4 % mainly due an increase in total operating income and decrease in total operating expenses. Total operating income increase was mainly due to increase in fee and commission income, net, other operating income, and exchange income, net, decrease on losses on disposal of non-trading investments, net, partially offset by a decrease in trading income, net, and net special commission income. Total operating expenses decrease mainly due to decrease in impairment charge for credit losses and other financial assets, net, partially offset by an increase in other general and administrative expenses, depreciation of property, equipment and right of use assets, and salaries and employee related expenses, impairment charge for investments, net, and other operating expenses.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	Net income increased by 22.0% mainly due to an increase in total operating income partially offset by an increase in total operating expenses. The total operating income increased mainly due to an increase in net special commission income, trading income, exchange income, net and other operating income partially offset by decrease on gains on disposal of non-trading investments, net, and dividend income. The total operating expenses increase was mainly in impairment charge for credit losses and other financial assets, net, salaries and employee related expenses, other general and administrative expenses, depreciation of property, equipment and right of use assets offset by lower Impairment charge for investments, net and other operating expenses.
Statement of the type of external auditor's report	Unmodified Conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	None
Reclassification of Comparison Items	None
Additional Information	Basic and diluted earnings per share for the periods ended 30 September 2023 & 2022 are calculated on weighted average basis by dividing the net income attributable to common equity holders of the Bank (adjusted for Tier 1 sukuk costs) for the periods by 2,995 million shares after excluding treasury shares consisting of 5 million shares as of 30 September 2023 (30 September 2022: 3,000 million shares)

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