July 7, 2014 / 6:01 AM / in 4 years

Saudi's Riyad Bank Q2 profit rises 17.4 pct on higher income

DUBAI, July 7 (Reuters) - Riyad Bank, Saudi Arabia’s second-largest listed lender by assets, posted a 17.4 percent rise in second-quarter net profit on Monday.

The bank said it made 1.14 billion riyals ($304 million) in the three months ending June 30, compared with 968 million riyals in the same period of 2013, according to a bourse filing.

It cited higher operating income - which increased 15.4 percent year-on-year to 2.1 billion riyals - for the quarterly profit rise without elaborating.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.

Saudi banks have benefited from rising lending, deposits and deal activity in an economy buoyed by years of high state spending and backed by strong oil prices and record government surpluses.

Loans and advances at the end of June stood at 140.8 billion riyals, up 11.6 percent from same point of 2013, while deposits rose 8.3 percent to 160.1 billion riyals over the same timeframe.

The bank said in a June 29 bourse filing that its board had recommended a cash dividend of 0.38 riyals for the first half of 2014. This was slightly above the 0.33 riyals per share paid for the corresponding period of 2013.

$1 = 3.7504 Saudi Riyals Reporting by David French; Editing by Matt Smith

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