Riyadh Bank has recorded a net profit of SR2 billion ($533.3 million) in 2004, an increase of 26 percent over 2003 net profit of SR1.59 billion, Chairman Rashed Abdulaziz Al-Rashed announced. The bank, the country's third-largest listed bank in terms of market capitalization, said in a statement posted on the bank's website on Monday that it would soon release details about its 2004 performance. Al-Rashed thanked all the bank staff for their efforts in producing such outstanding results. Riyadh Bank recently announced the increase of its capital up to SR5 billion through granting each shareholder one share for every four shares held. Riyadh Bank will distribute an annual dividend of SR18 per share. After announcing the results in the first nine months of the year earlier, Riyadh Bank said assets rose 4.6 percent to SR73.22 billion, loans and advances grew 17.6 percent to SR31.98 billion, and total customer deposits gained 5.7 percent to SR47.48 billion. Riyadh Bank shares were trading at SR608 on Tuesday.
