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Riyad Bank profit rises 6pc

DUBAI: Riyad Bank, Saudi Arabia's third-largest lender by market value, posted a 5.9 per cent rise in its second-quarter net profit yesterday due to a slight rise in operating income and cuts in costs.

The bank said it made 968 million riyals ($258.09m) in the three months ending June 30, compared with 914m riyals in the same period a year earlier.

Net profit for the first six months of 2013 was 1.92 billion riyals, up from 1.82bn from the corresponding period of 2012. Operating income for the quarter rose by 0.67pc to 1.82bn riyals.

The kingdom's second largest branch network makes Riyad Bank well placed to benefit from expected growth of mortgage lending, although its net profit in the next quarters may be restrained by higher provisioning, Global Investment House said in a report last month.

The lender said last month it would distribute dividends for the first half of the year worth 975m riyals - equivalent to 0.65 riyals per share. Yesterday's figures showed total assets at the end of June were 191.63bn riyals, 6.1pc higher than the same point of 2012. Customer deposits gained 7.9pc from a year earlier and stood at 147.9bn riyals on June 30.



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