Riyadh – Mubasher: Riyad Bank posted decline of 65.57% in profits during the fourth quarter of 2016 when compared to the same period a year ago.
Earnings amounted to SAR 293 million ($78.13 million) in Q4-16, from SAR 851 million ($226.93 million) in Q4-15, according to a bourse statement issued on Monday.
The drop in the quarterly profits resulted from higher expenses by 47.9% due to losses from lower credit.
During the fiscal year 2016, net profits shrank by 17.46% to reach SAR 3.34 billion from SAR 4.05 billion in FY15.
