Riyad Bank’s CEO to retire

RIYADH — Riyad Bank, Saudi Arabia’s fourth-largest lender by assets, said on Monday its chief executive Talal Al-Qudaibi plans to retire effective Oct. 31. The bank’s deputy chief executive Abdul Majeed Abdullah Al-Mobarak will assume responsibilities of the chief executive, Riyad Bank said in a bourse statement. The lender recently posted a 1.6 percent rise in second-quarter net profit, beating analysts’ forecasts. The bank made SR1.15 billion ($306.6 million) in the three months to June 30, up from SR1.13 billion in the same period of 2015, it said in a bourse filing. Six analysts polled by Reuters had on average forecast the bank’s quarterly profit would be SR1.03 billion. The bank cited a decrease in impairment charges for credit losses, which helped total operating expenses drop 15.1 per cent year on year, as well as an increase in gains on non-trading investments, net special commission income and exchange income, for the advance in profit. Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later. Operating income for the second quarter fell by 6.5 percent on the corresponding period of 2015 to SR2.03 billion, while profits from special commissions increased 5.2 percent over the same timeframe to SR1.36 billion. Loans and advances at the end of June stood at SR154.67 billion, gaining 12.8 percent on the same point of 2015, while deposits dipped 1.8 percent to SR164.04 billion over the same period. — Reuters