Riyad Bank on Thursday said that its profits rose 8.17% year-on-year during the third quarter of 2018, registering SAR 1.16 billion, from SAR 1.8 billion.
The Saudi lender attributed the third-quarter profit growth to a rise in net income for special commissions and investments.
Net income for special commissions and investments increased to SAR 1.7 billion during Q3-18, compared to SAR 1.5 billion in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul).
Year-on-year, the value of revenues for special commissions and investments went up 13% to SAR 2.1 billion during the three-month period ended September, from SAR 1.9 billion.
Quarter-on-quarter, the Saudi lender’s profits grew 9.6% in Q3-18, from SAR 1.06 billion.
Riyad Bank’s profits also increased 13% to SAR 3.3 billion from January to September 2018, compared to SAR 2.9 billion in the corresponding period last year.
The rise of the nine-month period profits was attributed to an increase in net operating income.
Net income for special commissions and investments rose 9.3% to SAR 4.8 billion, from SAR 4.4 billion, while revenues for special commissions and investments jumped 8.6%, reaching SAR 6 billion, compared to SAR 5.5 billion.
Riyad Bank’s stock increased 1.56%, closing Thursday at SAR 16.96.