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Riyad Bank posts 8.17% rise in Q3 net profit despite higher operating expenses

Riyad Bank's third-quarter net profit amounted to 1.17 billion Saudi Arabian riyals, up 8.17% from 1.08 billion riyals a year ago.

The bank said higher net special commissions and investments income, which rose year over year to 1.70 billion riyals from 1.54 billion riyals, primarily drove the increase. This comes despite a 12.1% year-over-year increase in total operating expenses in the quarter, Riyad Bank noted.

For the nine months ended Sept. 30, the bank reported a net profit of 3.36 billion riyals, up 13.19% on a yearly basis from 2.97 billion riyals. Profit per share over the period increased to 1.12 riyals from 99 halalas.

As of Oct. 17, US$1 was equivalent to 3.75 Saudi Arabian riyals.