Riyad Bank achieved a 12.4 percent net profit increase in 2003 with earnings reaching 1.59 billion Saudi riyals ($423.9 million) compared to SR 1.4 million in 2002.
The bank’s return on equity grew from 16.89 percent to 18.63 percent and return on assets, from 2.11 percent to 2.23 percent, stated a press release. Gross operating income reached SR 3.196 billion, against SR 2.82 billion last year, an increase of 13 percent.
Riyad Bank was established in 1957 with an initial capital of SR 50 million. The joint stock company is a full service commercial bank, which is 71 percent owned by the private sector with the balance held by Saudi government agencies. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
