Saudi's Riyad Bank Q1 net up 22 pct, above estimates

DUBAI, April 14 Sat Apr 14, 2012 9:25am EDT

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DUBAI, April 14 (Reuters) - Saudi Arabia's Riyad Bank posted a 21.6 rise in net profit in the first quarter, beating forecasts.

The kingdom's third-largest lender by market value made 901 million Saudi riyals ($240.3 million) in the three months to end-March, up from 741 million riyals in the year-earlier period, the firm said in a bourse statement on Saturday.

Analysts polled by Reuters had estimated average earnings of 843.9 million riyals. ($1 = 3.7502 Saudi riyals)

(Reporting by Amena Bakr; Editing by Firouz Sedarat)

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