Riyad Bank Q2 net profit up 9.4 %

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. From arabnews