Riyad Bank of Saudi Arabia reported a 15% increase in its net profit for 2023, reaching 8.05 billion Saudi riyals ($2.15 billion), compared to SAR 7.02 billion the previous year. This growth was driven by higher operating income, although partially offset by increased total operating expenses. The net profit exceeded analysts' mean estimate of SAR 7.9 billion, as per LSEG data. Total operating income saw a significant rise of 17% year-on-year (YoY), reaching SAR 15.89 billion.

This increase was primarily attributed to higher net special commission income, trading income, and other operating income. Notably, special commission income surged by 60% YoY, fueled by increased interest income from loans and investments, as stated in a regulatory filing on Tadawul bourse on Monday. The bank also witnessed notable growth in loans and advances, which rose by 13% YoY to SAR 274 billion in 2023. Additionally, customer deposits increased by 6.2% YoY to SAR 254.9 billion, reflecting confidence and continued engagement with the bank's services.