Riyad Bank's Positive Financial Results Propel Share Price Increase

Riyad Bank announced today, Monday, its preliminary financial results, reporting a net profit after zakat and tax of 2.65 billion riyals for the third quarter of this year. This represents a significant increase of 27% compared to the 2.09 billion riyals earned in the same period last year.

On a quarterly basis, the bank's net profits rose by 13.5% in the third quarter of 2024, compared to profits of 2.34 billion riyals in the second quarter of the same year.

The bank attributed this remarkable growth in net profits to an increase in total operating income coupled with a decrease in total operating expenses. Additionally, Riyad Bank achieved a 16% growth in profits during the first nine months of the year, with a net profit of 7.06 billion riyals compared to 6.09 billion riyals in the same period of 2023.

In terms of stock performance, shares of Riyad Bank (TADAWUL: 1010) experienced a rise of 1.73%, equating to an increase of 0.42 riyals per share, trading around 24.72 riyals per share during the trading sessions in the Saudi market.

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