Riyad Bank posted a strong third-quarter performance in 2024, with net profit rising 27% year-on-year to 2.65 billion riyals ($707.7 million). This result surpassed analysts’ expectations, which had projected a profit of 2.09 billion riyals, according to LSEG data. The increase was driven by a boost in operating income, alongside a drop in impairment costs.

Net income from commission on financing rose 13% to 2.98 billion riyals, while income from commission on investment fell 29% year-on-year to 313 million riyals. The bank also saw a 19% decrease in provisions for expected credit losses, down to 286 million riyals. For the first nine months of 2024, Riyad Bank recorded a net profit of 7.06 billion riyals, reflecting a 16% year-on-year growth.