2004 News Story

Riyad Bank posts profit for FY2004 first quarter

Riyad Bank has posted a net profit of SR436 million [U.S. $116.42 million] for the first quarter of 2004, up 13 percent from SR386 million [$103.07 million] for the same period last year. Total operating income of the bank, which has been working to improve and expand its banking services, is now SR863 million [$230.44 million], up 14.5 percent. The trading portfolio achieved gains of SR137 million [$36.58 million], doubling the previous figure, despite volatile market conditions. There was significant growth in all major areas of its balance sheet, and loans and advances increased by 17.4 percent to hit SR29 million [$7.74 million]. Customer deposits were at SR44 billion [$11.75 billion] at the end of the first quarter of 2004.