Saudi Riyad Bank’s shares jump after reporting 13% profit hike to $1.3bn

RIYADH: Riyad Bank has seen its profit soar by 13 percent to SR5 billion ($1.3 billion) in the first nine months of 2022, sending its stock higher.

The bank saw its shares increase 1.84 percent at the end of Sunday to reach SR36.

This is up from SR4 billion in the same period a year ago, according to a bourse filing.

The profit hike was buoyed by higher operating income, due to an increase in earnings from net special commissions, fees and commissions, and exchanges, the bank said.

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