Riyad Bank’s half-year profit soars to $842m propelling stock gains

RIYADH: Riyad Bank has seen its profit soar by 10 percent to SR3.2 billion ($842 million) in the first half of 2022, despite incurring higher expenses.

This is up from SR2.9 billion in the same period a year ago, according to a bourse filing.

In response to the results, the bank’s shares closed 2.5 percent higher on Thursday at SR37.35.  

The profit hike was buoyed by higher operating income, due to an increase in net special commission income, fee and commission income, and exchange income, the bank said.

That said, salaries and impairment charges on investments weighed on profit during the six-month period, leading to a rise in expenses.

Impairment charges for credit losses reached SR608 million by June end, compared to SR550 million in the corresponding period in 2021.