Riyad Bank’s 9M 2023 profit rises 22% to SAR 6.09 bln; Q3 at SAR 2.08 bln

22/10/2023 Argaam Exclusive

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Riyad Bank reported a 22% jump in net profit to SAR 6.09 billion for the first nine months of 2023, compared to SAR 4.99 billion in the prior-year period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Net Special Commission Income	7,200.79	9,272.34	28.8 %
Operating Income	9,857.12	11,966.69	21.4 %
Total Provisions	(652.71)	(1369.53)	(109.8 %)
Net Income	4,991.49	6,091.28	22.0 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	1.66	2.03	22.0 %
EPS Diluted (Riyals)	1.64	1.95	18.9 %

The higher profit was spurred by an increase in the total operating income, thanks to a rise in net special commission income, net trading income, net foreign exchange income and other operating income. This was partially offset by a decrease in the net gains realized on disposal of non-trading investments, and dividend income.

By contrast, total operating expenses (OpEx) increased mainly due to a rise in impairment charges for credit losses and other financial assets, employee salaries and related expenses, other general and administrative expenses, depreciation of property and equipment, and the right of use assets. This was offset by lower impairment charge for investments, and, net and other operating expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Net Special Commission Income	2,672.19	3,074.87	15.1 %
Operating Income	3,525.13	3,978.14	12.9 %
Debt Provisions	(203.53)	(304.20)	(49.5 %)
Net Income	1,827.67	2,089.37	14.3 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	0.61	0.70	14.3 %
EPS Diluted (Riyal)	0.60	0.67	11.7 %

Item	Q2 2023	Q3 2023	Change‬
Net Special Commission Income	3,109.12	3,074.87	(1.1 %)
Operating Income	3,952.32	3,978.14	0.7 %
Debt Provisions	(484.44)	(304.20)	37.2 %
Net Income	1,982.32	2,089.37	5.4 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	0.66	0.70	5.4 %
EPS Diluted (Riyal)	0.64	0.67	4.7 %

The third-quarter net profit jumped 14% to SAR 2.08 billion from SAR 1.82 billion in Q3 2022, thanks to a rise in the total operating income, due to higher net special commission income, and net trading income, despite a decline in net foreign exchange income and other operating income. Net gains from the disposal of non-trading investments also decreased.

OpEx increased on higher impairment charges for credit losses and other financial assets, employee salaries and related expenses, other general and administrative expenses, depreciation of property and equipment, and the right of use assets. This was offset by lower impairment charge for investments, and, net and other operating expenses.

The bank’s bottom line grew by 5.4% from SAR 1.98 billion in Q2 2023, driven by better operating income and lower OpEx.

Balance Sheet (B)

Item	9m 2022	9m 2023	Change‬
Assets	347.88	377.01	8.4 %
Customer Deposits	235.89	254.72	8.0 %
Loan	241.59	267.15	10.6 %

Shareholders’ equity, no minority interest, stood at SAR 50.88 billion by the end of Sept. 30, 2023, compared to SAR 46.77 billion in the year-earlier period.

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Financial results (Million)

Period	Net Special Commission Income	Change	Operating Income	Change	Debt Provisions	Change
Q1 2014	1,229.64	12.9 %	1,932.04	12.0 %	(203.77)	(6.6 %)
Q2 2014	1,256.38	7.7 %	2,094.96	15.4 %	(262.98)	(33.3 %)
Q3 2014	1,315.71	8.3 %	1,990.25	14.5 %	(217.40)	(55.7 %)
Q4 2014	1,328.51	8.3 %	1,994.52	11.1 %	(215.92)	(117.1 %)
2014	5,130.24	9.2 %	8,011.77	13.3 %	(900.06)	(43.5 %)
Q1 2015	1,281.74	4.2 %	2,047.81	6.0 %	(127.80)	37.3 %
Q2 2015	1,293.48	3.0 %	1,901.43	(9.2 %)	(315.33)	(19.9 %)
Q3 2015	1,261.05	(4.2 %)	1,862.11	(6.4 %)	(358.11)	(64.7 %)
Q4 2015	1,343.51	1.1 %	1,888.02	(5.3 %)	(229.49)	(6.3 %)
2015	5,179.78	1.0 %	7,699.36	(3.9 %)	(1,030.74)	(14.5 %)
Q1 2016	1,267.32	(1.1 %)	1,786.17	(12.8 %)	(104.82)	18.0 %
Q2 2016	1,360.12	5.2 %	2,026.99	6.6 %	(85.11)	73.0 %
Q3 2016	1,320.55	4.7 %	1,854.88	(0.4 %)	(335.22)	6.4 %
Q4 2016	1,353.05	0.7 %	1,833.24	(2.9 %)	(761.26)	(231.7 %)
2016	5,301.03	2.3 %	7,501.28	(2.6 %)	(1,286.40)	(24.8 %)
Q1 2017	1,425.31	12.5 %	2,007.29	12.4 %	(217.11)	(107.1 %)
Q2 2017	1,473.21	8.3 %	1,983.91	(2.1 %)	(371.45)	(336.4 %)
Q3 2017	1,538.68	16.5 %	2,076.13	11.9 %	(288.12)	14.0 %
Q4 2017	1,497.87	10.7 %	2,057.89	12.3 %	(350.80)	53.9 %
2017	5,935.08	12.0 %	8,125.21	8.3 %	(1,227.49)	4.6 %
Q1 2018	1,523.19	6.9 %	2,129.55	6.1 %	(196.44)	9.5 %
Q2 2018	1,629.57	10.6 %	2,173.53	9.6 %	(328.81)	11.5 %
Q3 2018	1,717.41	11.6 %	2,280.89	9.9 %	(243.09)	15.6 %
Q4 2018	1,758.30	17.4 %	2,383.44	15.8 %	(170.37)	51.4 %
2018	6,628.46	11.7 %	8,967.40	10.4 %	(938.71)	23.5 %
Q1 2019	1,808.72	18.7 %	2,580.14	21.2 %	(162.37)	17.3 %
Q2 2019	1,962.95	20.5 %	2,669.57	22.8 %	(283.05)	13.9 %
Q3 2019	2,034.23	18.4 %	2,762.69	21.1 %	(189.84)	21.9 %
Q4 2019	2,031.12	15.5 %	2,704.66	13.5 %	(334.93)	(96.6 %)
2019	7,837.02	18.2 %	10,717.06	19.5 %	(970.20)	(3.4 %)
Q1 2020	1,989.32	10.0 %	2,885.48	11.8 %	(303.40)	(86.9 %)
Q2 2020	2,115.75	7.8 %	2,708.95	1.5 %	(569.99)	(101.4 %)
Q3 2020	2,072.67	1.9 %	2,820.99	2.1 %	(466.07)	(145.5 %)
Q4 2020	2,035.87	0.2 %	2,789.71	3.1 %	(647.62)	(93.4 %)
2020	8,213.61	4.8 %	11,205.12	4.6 %	(1,987.07)	(104.8 %)
Q1 2021	2,095.80	5.4 %	2,823.83	(2.1 %)	(249.40)	17.8 %
Q2 2021	2,146.02	1.4 %	2,978.09	9.9 %	(229.32)	59.8 %
Q3 2021	1,981.71	(4.4 %)	2,816.58	(0.2 %)	(138.62)	70.3 %
Q4 2021	2,069.63	1.7 %	2,949.34	5.7 %	(243.52)	62.4 %
2021	8,293.17	1.0 %	11,567.84	3.2 %	(860.85)	56.7 %
Q1 2022	2,131.88	1.7 %	3,101.53	9.8 %	(147.66)	40.8 %
Q2 2022	2,396.73	11.7 %	3,230.47	8.5 %	(301.53)	(31.5 %)
Q3 2022	2,672.19	34.8 %	3,525.13	25.2 %	(203.53)	(46.8 %)
Q4 2022	2,851.65	37.8 %	3,742.24	26.9 %	(377.88)	(55.2 %)
2022	10,052.45	21.2 %	13,599.37	17.6 %	(1,030.59)	(19.7 %)
Q1 2023	3,088.35	44.9 %	4,036.23	30.1 %	(580.89)	(293.4 %)
Q2 2023	3,109.12	29.7 %	3,952.32	22.3 %	(484.44)	(60.7 %)
Q3 2023	3,074.87	15.1 %	3,978.14	12.9 %	(304.20)	(49.5 %)

Period	Net Special Commission Income	Change	Operating Income	Change	Debt Provisions	Change
2013	4,697.00	7.2 %	7,074.02	4.2 %	(627.42)	46.8 %
2014	5,130.24	9.2 %	8,011.77	13.3 %	(900.06)	(43.5 %)
2015	5,179.78	1.0 %	7,699.36	(3.9 %)	(1,030.74)	(14.5 %)
2016	5,301.03	2.3 %	7,501.28	(2.6 %)	(1,286.40)	(24.8 %)
2017	5,935.08	12.0 %	8,125.21	8.3 %	(1,227.49)	4.6 %
2018	6,628.46	11.7 %	8,967.40	10.4 %	(938.71)	23.5 %
2019	7,837.02	18.2 %	10,717.06	19.5 %	(970.20)	(3.4 %)
2020	8,213.61	4.8 %	11,205.12	4.6 %	(1,987.07)	(104.8 %)
2021	8,293.17	1.0 %	11,567.84	3.2 %	(860.85)	56.7 %
2022	10,052.45	21.2 %	13,599.37	17.6 %	(1,030.59)	(19.7 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	1,079.45	13.5 %	0.36	-	1,079.45	0.36
Q2 2014	1,136.26	17.4 %	0.38	-	1,136.26	0.38
Q3 2014	1,076.29	7.9 %	0.36	-	1,076.29	0.36
Q4 2014	1,060.41	2.9 %	0.35	-	1,060.41	0.35
2014	4,352.41	10.3 %	1.45	-	4,352.41	1.45
Q1 2015	1,171.60	8.5 %	0.39	-	1,171.60	0.39
Q2 2015	1,128.23	(0.7 %)	0.38	266.60	861.63	0.29
Q3 2015	898.55	(16.5 %)	0.30	-	898.55	0.30
Q4 2015	851.10	(19.7 %)	0.28	-	851.10	0.28
2015	4,049.48	(7.0 %)	1.35	266.60	3,782.88	1.26
Q1 2016	1,173.72	0.2 %	0.39	201.00	972.72	0.32
Q2 2016	1,145.98	1.6 %	0.38	-	1,145.98	0.38
Q3 2016	729.43	(18.8 %)	0.24	-	729.43	0.24
Q4 2016	293.37	(65.5 %)	0.10	-	293.37	0.10
2016	3,342.49	(17.5 %)	1.11	201.00	3,141.49	1.05
Q1 2017	1,047.36	(10.8 %)	0.35	-	1,047.36	0.35
Q2 2017	847.92	(26.0 %)	0.28	-	847.92	0.28
Q3 2017	1,076.85	47.6 %	0.36	-	1,076.85	0.36
Q4 2017	973.88	232.0 %	0.32	-	973.88	0.32
2017	3,946.00	18.1 %	1.32	-	3,946.00	1.32
Q1 2018	916.83	(12.5 %)	0.31	-	916.83	0.31
Q2 2018	842.49	(0.6 %)	0.28	-	842.49	0.28
Q3 2018	945.01	(12.2 %)	0.32	-	945.01	0.32
Q4 2018	387.75	(60.2 %)	0.13	(744.00)	1,131.75	0.38
2018	3,092.09	(21.6 %)	1.03	(744.00)	3,836.09	1.28
Q1 2019	1,484.79	61.9 %	0.49	-	1,484.79	0.49
Q2 2019	1,499.75	78.0 %	0.50	-	1,499.75	0.50
Q3 2019	1,506.35	59.4 %	0.50	-	1,506.35	0.50
Q4 2019	1,111.18	186.6 %	0.37	-	1,111.18	0.37
2019	5,602.07	81.2 %	1.87	-	5,602.07	1.87
Q1 2020	1,476.43	(0.6 %)	0.49	-	1,476.43	0.49
Q2 2020	1,063.05	(29.1 %)	0.35	-	1,063.05	0.35
Q3 2020	1,295.98	(14.0 %)	0.43	-	1,295.98	0.43
Q4 2020	879.54	(20.8 %)	0.29	-	879.54	0.29
2020	4,715.00	(15.8 %)	1.57	-	4,715.00	1.57
Q1 2021	1,353.62	(8.3 %)	0.45	-	1,353.62	0.45
Q2 2021	1,511.60	42.2 %	0.50	-	1,511.60	0.50
Q3 2021	1,542.81	19.0 %	0.51	-	1,542.81	0.51
Q4 2021	1,617.36	83.9 %	0.54	-	1,617.36	0.54
2021	6,025.38	27.8 %	2.01	-	6,025.38	2.01
Q1 2022	1,552.59	14.7 %	0.52	-	1,552.59	0.52
Q2 2022	1,611.23	6.6 %	0.54	-	1,611.23	0.54
Q3 2022	1,827.67	18.5 %	0.61	-	1,827.67	0.61
Q4 2022	2,027.83	25.4 %	0.68	-	2,027.83	0.68
2022	7,019.32	16.5 %	2.34	-	7,019.32	2.34
Q1 2023	2,019.59	30.1 %	0.67	-	2,019.59	0.67
Q2 2023	1,982.32	23.0 %	0.66	-	1,982.32	0.66
Q3 2023	2,089.37	14.3 %	0.70	-	2,089.37	0.70

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	3,947.11	13.9 %	1.32	-	3,947.11	1.32
2014	4,352.41	10.3 %	1.45	-	4,352.41	1.45
2015	4,049.48	(7.0 %)	1.35	266.60	3,782.88	1.26
2016	3,342.49	(17.5 %)	1.11	201.00	3,141.49	1.05
2017	3,946.00	18.1 %	1.32	-	3,946.00	1.32
2018	3,092.09	(21.6 %)	1.03	(744.00)	3,836.09	1.28
2019	5,602.07	81.2 %	1.87	-	5,602.07	1.87
2020	4,715.00	(15.8 %)	1.57	-	4,715.00	1.57
2021	6,025.38	27.8 %	2.01	-	6,025.38	2.01
2022	7,019.32	16.5 %	2.34	-	7,019.32	2.34

Profitability

Period	Return On Average Assets	Return on Average Equity	Net Interest Income/Total Operating Income
Q1 2014	2.05 %	12.43 %	66.43 %
Q2 2014	2.09 %	12.97 %	65.17 %
Q3 2014	2.06 %	12.82 %	64.36 %
Q4 2014	2.07 %	12.54 %	64.03 %
2014	2.07 %	12.54 %	64.03 %
Q1 2015	2.08 %	12.61 %	63.76 %
Q2 2015	2.03 %	12.61 %	65.79 %
Q3 2015	1.96 %	12.06 %	66.17 %
Q4 2015	1.85 %	11.24 %	67.28 %
2015	1.85 %	11.24 %	67.28 %
Q1 2016	1.83 %	10.95 %	69.45 %
Q2 2016	1.81 %	11.00 %	69.18 %
Q3 2016	1.77 %	10.71 %	70.03 %
Q4 2016	1.52 %	9.09 %	70.67 %
2016	1.52 %	9.09 %	70.67 %
Q1 2017	1.45 %	8.67 %	70.69 %
Q2 2017	1.31 %	7.88 %	72.56 %
Q3 2017	1.48 %	8.74 %	73.29 %
Q4 2017	1.82 %	10.44 %	73.05 %
2017	1.82 %	10.44 %	73.05 %
Q1 2018	1.77 %	10.43 %	73.15 %
Q2 2018	1.75 %	10.36 %	73.36 %
Q3 2018	1.66 %	9.89 %	73.69 %
Q4 2018	1.39 %	8.20 %	73.92 %
2018	1.39 %	8.20 %	73.92 %
Q1 2019	1.62 %	9.92 %	73.41 %
Q2 2019	1.87 %	11.31 %	73.10 %
Q3 2019	2.05 %	12.84 %	72.76 %
Q4 2019	2.26 %	14.49 %	73.13 %
2019	2.26 %	14.49 %	73.13 %
Q1 2020	2.15 %	14.83 %	72.74 %
Q2 2020	1.91 %	12.86 %	73.86 %
Q3 2020	1.77 %	12.08 %	73.82 %
Q4 2020	1.64 %	11.10 %	73.30 %
2020	1.64 %	11.10 %	73.30 %
Q1 2021	1.56 %	11.20 %	74.66 %
Q2 2021	1.65 %	11.81 %	73.17 %
Q3 2021	1.69 %	11.92 %	72.40 %
Q4 2021	1.90 %	13.15 %	71.69 %
2021	1.90 %	13.15 %	71.69 %
Q1 2022	1.90 %	13.49 %	70.32 %
Q2 2022	1.87 %	13.87 %	70.92 %
Q3 2022	1.98 %	14.24 %	72.39 %
Q4 2022	2.05 %	14.49 %	73.92 %
2022	2.05 %	14.49 %	73.92 %
Q1 2023	2.05 %	15.38 %	75.75 %
Q2 2023	2.10 %	16.07 %	76.83 %
Q3 2023	2.24 %	16.63 %	77.18 %

Period	Return On Average Assets	Return on Average Equity	Net Interest Income/Total Operating Income
2013	2.00 %	11.99 %	66.40 %
2014	2.07 %	12.54 %	64.03 %
2015	1.85 %	11.24 %	67.28 %
2016	1.52 %	9.09 %	70.67 %
2017	1.82 %	10.44 %	73.05 %
2018	1.39 %	8.20 %	73.92 %
2019	2.26 %	14.49 %	73.13 %
2020	1.64 %	11.10 %	73.30 %
2021	1.90 %	13.15 %	71.69 %
2022	2.05 %	14.49 %	73.92 %

Balance Sheet (B)

Period	Assets	Change	Customer Deposits	Change	Loan	Change
Q1 2014	211.41	13.4 %	159.95	11.1 %	136.77	13.1 %
Q2 2014	213.99	11.7 %	160.10	8.3 %	140.77	11.6 %
Q3 2014	217.07	7.6 %	161.64	4.8 %	140.70	8.3 %
Q4 2014	214.59	4.6 %	164.08	7.1 %	133.49	1.8 %
Q1 2015	216.53	2.4 %	165.02	3.2 %	138.04	0.9 %
Q2 2015	222.48	4.0 %	167.07	4.4 %	137.10	(2.6 %)
Q3 2015	216.98	0.0 %	161.12	(0.3 %)	138.46	(1.6 %)
Q4 2015	223.32	4.1 %	167.85	2.3 %	145.07	8.7 %
Q1 2016	227.00	4.8 %	165.76	0.4 %	152.56	10.5 %
Q2 2016	227.78	2.4 %	164.04	(1.8 %)	154.67	12.8 %
Q3 2016	223.47	3.0 %	160.82	(0.2 %)	152.63	10.2 %
Q4 2016	217.62	(2.6 %)	156.68	(6.7 %)	142.91	(1.5 %)
Q1 2017	216.32	(4.7 %)	154.19	(7.0 %)	140.92	(7.6 %)
Q2 2017	218.99	(3.9 %)	156.98	(4.3 %)	141.18	(8.7 %)
Q3 2017	218.22	(2.3 %)	156.05	(3.0 %)	142.07	(6.9 %)
Q4 2017	216.28	(0.6 %)	154.37	(1.5 %)	138.84	(2.8 %)
Q1 2018	213.67	(1.2 %)	151.92	(1.5 %)	141.22	0.2 %
Q2 2018	215.48	(1.6 %)	153.42	(2.3 %)	144.31	2.2 %
Q3 2018	225.97	3.5 %	159.24	2.0 %	145.76	2.6 %
Q4 2018	229.90	6.3 %	169.82	10.0 %	151.02	8.8 %
Q1 2019	239.52	12.1 %	173.49	14.2 %	158.24	12.1 %
Q2 2019	246.12	14.2 %	176.51	15.1 %	161.32	11.8 %
Q3 2019	250.57	10.9 %	177.67	11.6 %	166.28	14.1 %
Q4 2019	265.79	15.6 %	194.52	14.5 %	173.98	15.2 %
Q1 2020	279.70	16.8 %	192.90	11.2 %	182.78	15.5 %
Q2 2020	295.08	19.9 %	199.99	13.3 %	187.65	16.3 %
Q3 2020	308.56	23.1 %	201.29	13.3 %	190.82	14.8 %
Q4 2020	310.09	16.7 %	203.04	4.4 %	191.35	10.0 %
Q1 2021	308.04	10.1 %	198.60	3.0 %	196.44	7.5 %
Q2 2021	317.27	7.5 %	202.45	1.2 %	204.74	9.1 %
Q3 2021	318.66	3.3 %	204.00	1.3 %	210.48	10.3 %
Q4 2021	325.74	5.0 %	211.68	4.3 %	217.29	13.6 %
Q1 2022	348.47	13.1 %	232.42	17.0 %	234.79	19.5 %
Q2 2022	357.95	12.8 %	237.48	17.3 %	239.65	17.0 %
Q3 2022	347.88	9.2 %	235.89	15.6 %	241.59	14.8 %
Q4 2022	359.65	10.4 %	240.01	13.4 %	242.36	11.5 %
Q1 2023	380.62	9.2 %	257.28	10.7 %	251.98	7.3 %
Q2 2023	389.24	8.7 %	272.27	14.7 %	263.15	9.8 %
Q3 2023	377.01	8.4 %	254.72	8.0 %	267.15	10.6 %

Period	Assets	Change	Customer Deposits	Change	Loan	Change
3m 2014	211.41	13.4 %	159.95	11.1 %	136.77	13.1 %
6m 2014	213.99	11.7 %	160.10	8.3 %	140.77	11.6 %
9m 2014	217.07	7.6 %	161.64	4.8 %	140.70	8.3 %
12m 2014	214.59	4.6 %	164.08	7.1 %	133.49	1.8 %
3m 2015	216.53	2.4 %	165.02	3.2 %	138.04	0.9 %
6m 2015	222.48	4.0 %	167.07	4.4 %	137.10	(2.6 %)
9m 2015	216.98	0.0 %	161.12	(0.3 %)	138.46	(1.6 %)
12m 2015	223.32	4.1 %	167.85	2.3 %	145.07	8.7 %
3m 2016	227.00	4.8 %	165.76	0.4 %	152.56	10.5 %
6m 2016	227.78	2.4 %	164.04	(1.8 %)	154.67	12.8 %
9m 2016	223.47	3.0 %	160.82	(0.2 %)	152.63	10.2 %
12m 2016	217.62	(2.6 %)	156.68	(6.7 %)	142.91	(1.5 %)
3m 2017	216.32	(4.7 %)	154.19	(7.0 %)	140.92	(7.6 %)
6m 2017	218.99	(3.9 %)	156.98	(4.3 %)	141.18	(8.7 %)
9m 2017	218.22	(2.3 %)	156.05	(3.0 %)	142.07	(6.9 %)
12m 2017	216.28	(0.6 %)	154.37	(1.5 %)	138.84	(2.8 %)
3m 2018	213.67	(1.2 %)	151.92	(1.5 %)	141.22	0.2 %
6m 2018	215.48	(1.6 %)	153.42	(2.3 %)	144.31	2.2 %
9m 2018	225.97	3.5 %	159.24	2.0 %	145.76	2.6 %
12m 2018	229.90	6.3 %	169.82	10.0 %	151.02	8.8 %
3m 2019	239.52	12.1 %	173.49	14.2 %	158.24	12.1 %
6m 2019	246.12	14.2 %	176.51	15.1 %	161.32	11.8 %
9m 2019	250.57	10.9 %	177.67	11.6 %	166.28	14.1 %
12m 2019	265.79	15.6 %	194.52	14.5 %	173.98	15.2 %
3m 2020	279.70	16.8 %	192.90	11.2 %	182.78	15.5 %
6m 2020	295.08	19.9 %	199.99	13.3 %	187.65	16.3 %
9m 2020	308.56	23.1 %	201.29	13.3 %	190.82	14.8 %
12m 2020	310.09	16.7 %	203.04	4.4 %	191.35	10.0 %
3m 2021	308.04	10.1 %	198.60	3.0 %	196.44	7.5 %
6m 2021	317.27	7.5 %	202.45	1.2 %	204.74	9.1 %
9m 2021	318.66	3.3 %	204.00	1.3 %	210.48	10.3 %
12m 2021	325.74	5.0 %	211.68	4.3 %	217.29	13.6 %
3m 2022	348.47	13.1 %	232.42	17.0 %	234.79	19.5 %
6m 2022	357.95	12.8 %	237.48	17.3 %	239.65	17.0 %
9m 2022	347.88	9.2 %	235.89	15.6 %	241.59	14.8 %
12m 2022	359.65	10.4 %	240.01	13.4 %	242.36	11.5 %
3m 2023	380.62	9.2 %	257.28	10.7 %	251.98	7.3 %
6m 2023	389.24	8.7 %	272.27	14.7 %	263.15	9.8 %
9m 2023	377.01	8.4 %	254.72	8.0 %	267.15	10.6 %

Period	Assets	Change	Customer Deposits	Change	Loan	Change
2013	205.25	7.9 %	153.20	4.8 %	131.19	11.7 %
2014	214.59	4.6 %	164.08	7.1 %	133.49	1.8 %
2015	223.32	4.1 %	167.85	2.3 %	145.07	8.7 %
2016	217.62	(2.6 %)	156.68	(6.7 %)	142.91	(1.5 %)
2017	216.28	(0.6 %)	154.37	(1.5 %)	138.84	(2.8 %)
2018	229.90	6.3 %	169.82	10.0 %	151.02	8.8 %
2019	265.79	15.6 %	194.52	14.5 %	173.98	15.2 %
2020	310.09	16.7 %	203.04	4.4 %	191.35	10.0 %
2021	325.74	5.0 %	211.68	4.3 %	217.29	13.6 %
2022	359.65	10.4 %	240.01	13.4 %	242.36	11.5 %

Ratios

Period	Customer Deposits Per Total Assets	Loans and advances/Total assets	Loans and advances/Customers Deposits
Q1 2014	75.66 %	64.70 %	85.51 %
Q2 2014	74.82 %	65.78 %	87.93 %
Q3 2014	74.47 %	64.82 %	87.05 %
Q4 2014	76.46 %	62.21 %	81.36 %
Q1 2015	76.21 %	63.75 %	83.65 %
Q2 2015	75.10 %	61.62 %	82.06 %
Q3 2015	74.26 %	63.82 %	85.94 %
Q4 2015	75.16 %	64.96 %	86.42 %
Q1 2016	73.02 %	67.21 %	92.04 %
Q2 2016	72.02 %	67.90 %	94.28 %
Q3 2016	71.96 %	68.30 %	94.91 %
Q4 2016	72.00 %	65.67 %	91.21 %
Q1 2017	71.28 %	65.14 %	91.39 %
Q2 2017	71.68 %	64.47 %	89.94 %
Q3 2017	71.51 %	65.10 %	91.04 %
Q4 2017	71.37 %	64.19 %	89.94 %
Q1 2018	71.10 %	66.09 %	92.96 %
Q2 2018	71.20 %	66.97 %	94.06 %
Q3 2018	70.47 %	64.51 %	91.53 %
Q4 2018	73.87 %	65.69 %	88.93 %
Q1 2019	72.43 %	66.07 %	91.21 %
Q2 2019	71.72 %	65.55 %	91.40 %
Q3 2019	70.91 %	66.36 %	93.59 %
Q4 2019	73.19 %	65.46 %	89.44 %
Q1 2020	68.97 %	65.35 %	94.75 %
Q2 2020	67.77 %	63.59 %	93.83 %
Q3 2020	65.24 %	61.84 %	94.80 %
Q4 2020	65.48 %	61.71 %	94.24 %
Q1 2021	64.47 %	63.77 %	98.91 %
Q2 2021	63.81 %	64.53 %	101.13 %
Q3 2021	64.02 %	66.05 %	103.18 %
Q4 2021	64.98 %	66.71 %	102.65 %
Q1 2022	66.70 %	67.38 %	101.02 %
Q2 2022	66.34 %	66.95 %	100.92 %
Q3 2022	67.81 %	69.44 %	102.41 %
Q4 2022	66.73 %	67.39 %	100.98 %
Q1 2023	67.59 %	66.20 %	97.94 %
Q2 2023	69.95 %	67.61 %	96.65 %
Q3 2023	67.56 %	70.86 %	104.88 %

Period	Customer Deposits Per Total Assets	Loans and advances/Total assets	Loans and advances/Customers Deposits
2013	74.64 %	63.92 %	85.63 %
2014	76.46 %	62.21 %	81.36 %
2015	75.16 %	64.96 %	86.42 %
2016	72.00 %	65.67 %	91.21 %
2017	71.37 %	64.19 %	89.94 %
2018	73.87 %	65.69 %	88.93 %
2019	73.19 %	65.46 %	89.44 %
2020	65.48 %	61.71 %	94.24 %
2021	64.98 %	66.71 %	102.65 %
2022	66.73 %	67.39 %	100.98 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	EPS Diluted (Riyal)	Book Value (BV)
Q1 2014	3,000.00	1.36	1.36	-	11.25
Q2 2014	3,000.00	1.41	1.41	-	11.27
Q3 2014	3,000.00	1.44	1.44	-	11.62
Q4 2014	3,000.00	1.45	1.45	1.45	11.85
Q1 2015	3,000.00	1.48	1.48	1.48	12.25
Q2 2015	3,000.00	1.48	1.39	1.48	12.19
Q3 2015	3,000.00	1.42	1.33	1.42	11.92
Q4 2015	3,000.00	1.35	1.26	1.35	12.18
Q1 2016	3,000.00	1.35	1.19	1.35	12.42
Q2 2016	3,000.00	1.36	1.29	1.35	12.47
Q3 2016	3,000.00	1.30	1.23	1.29	12.35
Q4 2016	3,000.00	1.11	1.05	1.10	12.32
Q1 2017	3,000.00	1.07	1.07	1.06	12.32
Q2 2017	3,000.00	0.97	0.97	0.96	12.21
Q3 2017	3,000.00	1.09	1.09	1.08	12.56
Q4 2017	3,000.00	1.32	1.32	1.32	12.87
Q1 2018	3,000.00	1.27	1.27	1.35	12.06
Q2 2018	3,000.00	1.27	1.27	1.35	12.31
Q3 2018	3,000.00	1.23	1.23	1.31	12.25
Q4 2018	3,000.00	1.03	1.28	1.11	12.26
Q1 2019	3,000.00	1.22	1.47	1.22	12.55
Q2 2019	3,000.00	1.44	1.69	1.44	13.14
Q3 2019	3,000.00	1.63	1.87	1.62	13.08
Q4 2019	3,000.00	1.87	1.87	1.86	13.52
Q1 2020	3,000.00	1.86	1.86	1.86	12.60
Q2 2020	3,000.00	1.72	1.72	1.71	13.60
Q3 2020	3,000.00	1.65	1.65	1.64	14.22
Q4 2020	3,000.00	1.57	1.57	1.56	14.79
Q1 2021	3,000.00	1.53	1.53	1.52	14.74
Q2 2021	3,000.00	1.68	1.68	1.67	14.85
Q3 2021	3,000.00	1.76	1.76	1.75	15.35
Q4 2021	3,000.00	2.01	2.01	2.00	15.77
Q1 2022	3,000.00	2.07	2.07	2.06	16.02
Q2 2022	3,000.00	2.11	2.11	2.09	15.55
Q3 2022	3,000.00	2.20	2.20	2.18	15.59
Q4 2022	3,000.00	2.34	2.34	2.32	16.53
Q1 2023	3,000.00	2.50	2.50	2.45	16.42
Q2 2023	3,000.00	2.62	2.62	2.56	17.04
Q3 2023	3,000.00	2.71	2.71	2.63	16.96

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	EPS Diluted (Riyal)	Book Value (BV)
2013	3,000.00	1.32	1.32	-	11.29
2014	3,000.00	1.45	1.45	1.45	11.85
2015	3,000.00	1.35	1.26	1.35	12.18
2016	3,000.00	1.11	1.05	1.11	12.32
2017	3,000.00	1.32	1.32	1.32	12.87
2018	3,000.00	1.03	1.28	1.03	12.26
2019	3,000.00	1.87	1.87	1.87	13.52
2020	3,000.00	1.57	1.57	1.57	14.79
2021	3,000.00	2.01	2.01	2.01	15.77
2022	3,000.00	2.34	2.34	2.32	16.53

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	12.84	12.84	1.55
Q2 2014	12.69	12.69	1.59
Q3 2014	14.65	14.65	1.82
Q4 2014	11.72	11.72	1.43
Q1 2015	11.36	11.36	1.37
Q2 2015	11.26	11.98	1.37
Q3 2015	9.87	10.53	1.18
Q4 2015	9.20	9.85	1.02
Q1 2016	8.33	9.42	0.91
Q2 2016	8.10	8.52	0.88
Q3 2016	7.76	8.18	0.81
Q4 2016	10.50	11.17	0.94
Q1 2017	9.94	9.94	0.86
Q2 2017	11.40	11.40	0.90
Q3 2017	10.88	10.88	0.94
Q4 2017	9.47	9.47	0.97
Q1 2018	10.27	10.27	1.15
Q2 2018	12.04	12.04	1.32
Q3 2018	12.69	12.69	1.36
Q4 2018	17.86	14.39	1.62
Q1 2019	19.75	16.42	1.92
Q2 2019	18.72	15.96	2.05
Q3 2019	15.06	13.07	1.87
Q4 2019	12.90	12.90	1.77
Q1 2020	8.04	8.04	1.19
Q2 2020	9.86	9.86	1.24
Q3 2020	11.37	11.37	1.31
Q4 2020	12.95	12.95	1.37
Q1 2021	14.76	14.76	1.52
Q2 2021	15.87	15.87	1.78
Q3 2021	15.43	15.43	1.76
Q4 2021	13.55	13.55	1.72
Q1 2022	18.23	18.23	2.34
Q2 2022	15.36	15.36	2.06
Q3 2022	14.56	14.56	2.04
Q4 2022	13.71	13.71	1.92
Q1 2023	12.12	12.12	1.81
Q2 2023	13.14	13.14	1.97
Q3 2023	10.55	10.55	1.64

Period	P/E	Adjusted P/E	Price/book
2013	11.10	11.10	1.29
2014	11.72	11.72	1.43
2015	9.20	9.85	1.02
2016	10.41	11.07	0.94
2017	9.47	9.47	0.97
2018	19.24	15.51	1.62
2019	12.83	12.83	1.77
2020	12.87	12.87	1.37
2021	13.48	13.48	1.72
2022	13.71	13.71	1.92

Business Segments (Million)

Compared With The

Period	Corporate and Institutional Banking	Retail	Trade and other business	Investment Banking and Brokerage	Others
Q1 2014	923.48	587.96	269.14	92.29	59.18
Q2 2014	889.64	681.85	334.94	113.23	75.32
Q3 2014	858.09	615.03	349.86	102.37	64.91
Q4 2014	950.36	617.23	242.76	100.75	83.42
Q1 2015	939.86	652.58	326.35	92.89	36.12
Q2 2015	886.75	658.54	251.82	103.87	267.05
Q3 2015	783.54	635.58	374.95	73.52	(5.48)
Q4 2015	758.45	785.92	177.09	92.85	73.72
Q1 2016	784.82	646.82	173.87	71.64	310.02
Q2 2016	689.06	645.57	418.92	81.80	191.64
Q3 2016	678.28	541.65	360.81	60.72	213.42
Q4 2016	711.12	487.81	281.76	68.43	284.12
Q1 2017	841.43	651.85	446.76	67.25	-
Q2 2017	888.49	648.55	366.37	80.51	-
Q3 2017	895.84	679.78	423.44	77.07	-
Q4 2017	845.40	694.78	439.93	77.78	-
Q1 2018	820.77	714.54	505.55	88.69	-
Q2 2018	837.53	720.71	529.62	85.68	-
Q3 2018	857.56	741.72	587.16	94.44	-
Q4 2018	1,036.97	1,020.89	214.08	111.49	-
Q1 2019	1,048.27	785.09	641.41	105.38	-
Q2 2019	1,128.27	964.07	440.48	136.75	-
Q3 2019	1,086.78	984.87	551.55	139.49	-
Q4 2019	975.68	985.51	536.51	206.96	-
Q1 2020	1,081.78	964.01	696.86	142.84	-
Q2 2020	1,052.17	870.68	615.42	170.68	-
Q3 2020	1,160.71	958.91	509.11	192.27	-
Q4 2020	1,006.93	950.85	570.81	261.01	-
Q1 2021	1,104.71	922.74	588.82	207.56	-
Q2 2021	1,144.65	979.06	635.58	218.80	-
Q3 2021	954.48	959.05	723.01	180.05	-
Q4 2021	1,110.56	886.17	586.12	366.48	-
Q1 2022	1,182.29	1,010.37	636.27	272.61	-
Q2 2022	1,358.27	1,103.49	541.60	227.11	-
Q3 2022	2,083.89	1,083.46	125.21	232.56	-
Q4 2022	1,737.37	957.65	752.66	294.56	-
Q1 2023	2,058.53	1,090.83	694.61	192.26	-
Q2 2023	2,135.05	997.33	603.01	216.94	-
Q3 2023	2,135.98	1,022.64	607.01	212.50	-

Period	Corporate and Institutional Banking	Retail	Trade and other business	Investment Banking and Brokerage	Others
2013	3,212.11	2,373.35	1,041.68	352.79	94.09
2014	3,621.56	2,502.06	1,196.69	408.64	282.82
2015	3,368.60	2,732.62	1,130.21	363.13	371.41
2016	2,863.27	2,321.85	1,235.36	282.60	999.20
2017	3,471.16	2,674.96	1,676.49	302.60	-
2018	3,576.04	3,197.39	1,814.14	379.83	-
2019	4,239.01	3,719.54	2,169.95	588.57	-
2020	4,301.58	3,744.44	2,392.19	766.80	-
2021	4,314.40	3,747.02	2,533.53	972.89	-
2022	6,361.82	4,154.97	2,055.74	1,026.84	-

Analysts Estimates (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change‬
Average	1,993.06	2,089.37	4.83 %

Estimates vs Actual (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change
FAB Securities	2,097.00	2,089.37	(0.4) %
Hermes	2,064.00	2,089.37	1.2 %
SNB Capital	2,024.00	2,089.37	3.2 %
OSOOL AND BAKHEET	2,002.40	2,089.37	4.3 %
Goldman Sachs	1,980.00	2,089.37	5.5 %
Sico	1,954.00	2,089.37	6.9 %
Bank of America	1,830.00	2,089.37	14.2 %

Financial Ratios

	Current
Market Cap (M Riyal)	80,100.00
Shares Outstanding ((M))	3,000.00
EPS ( Riyal) (TTM)	3.01
EPS Diluted ( Riyal) (TTM)	2.91
Book Value (BV) ( Riyal)	18.86
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	8.88
P/E (TTM)	8.88
Price/book	1.42
Return on Average Assets (%) (TTM)	2.2
Return on Average Equity (%) (TTM)	16.8

Riyad Bank (RIBL)

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Riyad Bank’s 9M 2023 profit rises 22% to SAR 6.09 bln; Q3 at SAR 2.08 bln

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Riyad Bank’s 9M 2023 profit rises 22% to SAR 6.09 bln; Q3 at SAR 2.08 bln

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Financials (M)

Current Quarter Comparison (M)

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Financial results (Million)

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Profit Performance (Million)

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