Riyad Bank says difficult to assess financial impact of COVID-19 measures

Riyad Bank said that it is difficult at the meantime to determine the time and extent of the financial impact of the government’s precautionary measures to limit the spread of the coronavirus, particularly, given the inability to determine the duration of these measures.

The bank added in a bourse statement, on Tuesday, that the updates in this regard and any developments will be disclosed in a timely manner.

The Saudi-listed bank emphasized that its financial soundness indicators are strong and able to stand the current economic challenges. In addition, the Royal decrees and the Government initiatives to support the private sector will limit the economic and financial impact resulting from the precautionary and preventive measures taken to limit the spread of Coronavirus.

Riyad Bank’s branches resumed operations according to the working hours set by the Saudi Arabian Monetary Authority (SAMA) while complying with the required precautionary and preventive measures. Furthermore, all banking services are available to customers and can be provided through the bank’s electronic channels, the statement added.