Riyad Bank, Saudi Arabia's fourth-largest lender by assets, posted a 16.5 percent fall in third-quarter net profit on October 07 that it blamed on declining operating income. The bank made a net profit of 899 million riyals ($239.73 million) in the three months to September 30, down from 1.08 billion riyals in the same period of 2014, it said in a bourse statement.
Third-quarter operating income dropped 6.4 percent year-on-year to 1.86 billion riyals, while profits from special commissions decreased 4.1 percent over the same timeframe to 1.26 billion riyals.
Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.
The bank's loans and advances at September-end were worth 138 billion riyals, down 1.9 percent from 12 months ago, while deposits slipped 0.8 percent to 160.4 billion riyals over the same period.
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