Riyad Bank posts $414m in Q1 profit with expenses unchanged

RIYADH: Saudi-listed Riyad Bank has posted a 15 percent surge in quarterly profits to SR1.55 billion ($414 million), as expenses remained unchanged.

A year earlier, the bank’s net profit stood at SR1.35 billion, it said in a bourse filing.

It attributed the profit growth to a rise in operating income, especially in fee and commissions income, trading gains, and exchange income.  

Riyad Bank added that expenses remained flat, with higher salary charges being offset by a drop in impairment charges and other operating costs.