Riyad Bank reported full-year 2024 net profit of SAR 9,322 million, or SAR 3.01 per share, according to results announced on 3 February 2025.
Total assets reached SAR 450.4 billion by the end of December 2024, while net loans stood at SAR 320.1 billion. Customer deposits grew to SAR 306.4 billion, and operating income for the year came in at SAR 17.3 billion. Loans and advances grew 17% and investments 20%, while retail assets rose only 1%, so lending growth came mainly from corporate and SME clients.
FIRST-HALF AND FULL-YEAR RESULTS
Riyad Bank's first-half 2024 net income had reached SAR 4,410 million, a 10.2% increase on the comparable period of the prior year. In the first half, loans grew 6% from the end of 2023 while net special commission income slipped 1% year on year.
For the full year, net income rose 16% as total operating income increased 9% to SAR 17.3 billion, driven by 27% growth in fee and other income, while impairment charges fell 17% and the cost-to-income ratio improved to 30.6%.
CAPITAL AND MARGINS
The bank's Tier 1 ratio stood at 16.4% and its capital adequacy ratio at 18.9% at the year end, although the capital adequacy ratio was 1.8 percentage points lower than a year earlier as risk-weighted assets grew 21% against an 11% rise in regulatory capital. Riyad Bank's net special commission margin, however, narrowed 21 basis points to 3.40% as funding costs rose, and net special commission income grew only 4%; fee income and lower impairments drove the profit increase.
Chief Executive Nadir Al-Koraya said the bank was well positioned to capitalise on strong credit demand from corporate and SME clients and on its capacity to support Vision 2030 projects.