Complex Made Simple

Riyad Bank Q2 profit rises, shares lose slighlty

Sluggish oil prices weighed on Riyadh, as the Tadawul All-Share Index fell 0.10% Sunday, closing at 6,855.12 points. The barrel "black gold" dived three percent during the Western weekend following disappointing U. S. labor market figures, pointing to a possible recession. Market heavyweight Sabic closed unchanged at SR89.50. Shares of Riyad Bank fell 0.20% to SR23.95. Earlier in the day, the kingdom's third larget bank said that in the second quarter it achieved a net profit of SR914.4m, representing a 9.4% year-on-year increase. Quarter-on-quarter, the profit increase stood at 1.4%. Regarding the first half of 2012, the lender reached a net profit amounting to SR1.815bn, 15.1 % more than in the corresponding period in 2011. Commenting on the figures, Riyad Bank said in a statement to the bourse that "The increase in the bank's profitability in comparison to the same period of 2011, is mainly attributed to the increase of the total operating income."