Rashed Abdulaziz Al-Rashed, The Chairman of Riyad Bank, announced that the Bank achieved Net Income of SAR 872 million for the three months ended March 31st 2006, an increase of 67 % compared to the same period last year.
Al-Rashed indicated that this performance reflects the Banks commitment to maintaining continuous growth and enhancing shareholders value. The Bank has improved its performance ratios such as Return on Equity which increased to reach 31.9 % , from 21.8% for the same period last year, Return on Average Assets has recorded 4.15 % compared to 2.84 % for the same period last year. The total operating income reached SAR 1,344 million an increase of 55 % compared to the same period last year and the Fees from Banking Services has increased to SAR 462 million compared to SAR 174 million for the same period in 2005 and Net Special Commission Income increased by 16.7 % reaching SAR 725.4 million, compared to SAR 621.7 million for the same period last year.
Al-Rashed pointed out that the Bank’s Total Assets reached SAR 86,949 million, a growth of 8.4 % over the same period last year. Loans and Advances, net recorded a growth of 36 % over the same period last year, to reach SAR 49,041 million at the end of the first quarter. Total Customer Deposits reached SAR 60,874 million, a growth of 7 % over the same period last year.
Al-Rashed mentioned that these indicators and the results prove that the Bank is working hard to achieve its strategy and goals. The Bank has been given the highest rating for the Banks in Saudi Arabia from Standard & Poor's Ratings, and also Fitch Rating agency.
Finally, Al-Rashed mentioned the strength of the Saudi economy and its ability to attract and develop both local and foreign investments to meet the Kingdom’s plans of development and privatization.
