Saudi Arabia's Riyad Bank posted a 9.4 percent rise in second-quarter net profit on the back of improved operational income, the bank said yesterday, beating analysts' forecasts.
The Kingdom's third-largest lender by market value made SR 914.4 million ($243.8 million) in the three months to June 30, up from SR 836 million in the year-earlier period, the firm said in a bourse statement.
Analysts polled by Reuters had, on average, estimated earnings of SR 864 million.
Operational income for the second quarter rose 16.3 percent versus the same period last year to SR 1.8 billion, while income from special commissions increased by 2.6 percent in the same timeframe to SR 1.1 billion.
Loans and advances at the end of June rose 4.1 percent compared to the corresponding point in 2011 to SR 115 billion, while customer deposits increased 3.5 percent to SR 137 billion, the statement added.
The bank announced last week it would distribute a cash dividend of SR 975 million for the first half of 2012, equivalent to SR 0.65 per share and 6.5 percent of the bank's paid-up capital.
DFM Index Sustains Upward March
The DFM index wavering above the break – even line achieved 44.38 points or 1.45 percent in a single session on Monday 9th December 2013, closing at 3,100.33.
On year-to-date basis, the
QE Index Shows Flat Performance
The contest between bulls and bears ended without any significant change at Qatar Exchange on Monday 9th December 2013, as QE index wavering in north and south closed the session at 10,434.1 points,
ADX Index Crosses 4,000 Points Barrier, Up 0.30%
The ADX General Index initiated its journey by wavering along the break-even line and then jumped up into the green territory and closed the day at 4,001.47 levels on Monday 9th Dec 2013, up 11.85 po
Deloitte collaborates with FAA
The Deloitte Islamic Finance Knowledge Center (IFKC) has signed a Cooperation Agreement with the Finance Accreditation Agency (FAA), an organization supported by Bank Negara Malaysia and Securities C