RIYADH – Riyad Bank posted higher third-quarter net profit Tuesday, as Saudi lenders benefit from expansionary fiscal policies, ample liquidity and improving corporate loan demand. Bank lending to the Saudi private sector grew by 14 percent in August over the same month last year, the Saudi Arabian Monetary Authority (SAMA) said in September, while some analysts see strong growth continuing for several years. A report by Credit Suisse in August predicted Saudi banks should deliver double-digit earnings growth for the next three years thanks in part to higher credit volumes. Riyad Bank, the Kingdom's third-largest listed bank by market capitalization, said net income rose 5.8 percent to SR840 million ($224 million) in the three months to Sept. 30 compared with the year before. Riyad Bank's total operating income for the quarter rose 7.2 percent to SR1.69 billion, while income from special commissions grew 5.0 percent to SR1.12 billion. Its loans and advances were up 2.8 percent. The bank said only that increased total operating income had driven the rise in net profit. – Reuters
