Sunday, 10 April 2011 at 08:19, Reuters, Riyadh
Saudi's Riyad Bank said on Saturday first-quarter net profit rose 8.3 per cent on the back of improved income from banking services and other operations.
The bank made a net profit of 741 million Saudi riyals ($197.6m) in the three months to March 31, compared to 684m riyals in the same period a year earlier, it said in a statement on Saudi Arabia's bourse website.
Total operating profit for the period rose 3.9 per cent to 1.53 billion riyals from 1.47bn in the first quarter of last year, it said.
Assets for the three months period climbed to 180.72bn riyals from 174.29bn riyals while investments increased to 38.7bn riyals from 32.23bn riyals in the same period last year.
Loans and advances rose 2.9 per cent to 109.36bn riyals, it said.
The bank's share price closed 0.4 per cent higher in earlier trade on Saturday, in line with the kingdom's bourse which edged up 0.5 per cent.
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