Riyad Bank’s annual profit soars to $1.6bn on lower expenses

RIYADH: Saudi Arabia’s Riyad Bank has seen its annual profit soar by 28 percent to SR6.03 billion ($1.6 billion) in 2021 due to lower expenses. This was up from SR4.72 billion a year earlier, the bank said in a bourse filing.

As net impairment charges for credit losses fell during the year, the bank’s expenses were narrowed by 16 percent.

The profit hike was attributed to lower expenses as well as higher operating income, up by 3.2 percent due to an “increase in fee and commission income, net, gains on disposal of non-trading investments and special commission income,” accoridng to the filing.

Riyad Bank’s annual profit soars to $1.6bn on lower expenses
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