Latest news with #riyals
Zawya
21-04-2025
- Business
- Zawya
Saudi Arabia's Riyad Bank posts 20% higher Q1 profit, beats estimate
Saudi Arabia's Riyad Bank posted a Q1 2025 net profit of 2.49 billion riyals ($664 million), 20% higher compared with SAR 2.07 billion reported in same quarter in the previous year. The earnings narrowly beat analysts' mean estimate of SAR2.45 billion, according to LSEG data. Earnings per share for Q1 came in at SAR0.79 versus SAR0.66 in the prior-year period. The bank said the net profit increase was mainly due to a 20% growth in net income and a drop in total operating expenses. Net provision of expected credit losses fell by 17% mainly due to lower impairment charge. (Writing by Brinda Darasha; editing by Daniel Luiz)
Zawya
18-03-2025
- Business
- Zawya
Saudi Arabia ups bond issuance to fund fiscal deficit
Saudi Arabia has intensified bond issuance to cover fiscal deficits, maintaining a policy of avoiding withdrawals from overseas assets to fund mega projects under Vision 2030, according to a report by Jadwa Investment. The report noted that public debt in the world's largest oil exporter increased by 166 billion Saudi riyals ($44.3 billion) in 2024, reaching SAR1,216 billion riyals ($324.3 billion) by year-end. Debt is expected to rise by another SAR127 billion ($33.86 billion) in 2025, pushing the total to SAR1,343 billion ($358.13 billion). Saudi Arabia, along with Mexico, led sovereign bond issuance in January and February 2025, according to a study by the Institute of International Finance (IIF). The IIF study highlighted that the Federal Reserve's messaging has reinforced expectations that interest rates will remain elevated for longer, limiting risk appetite for Emerging Market (EM) assets. However, investor demand for EM debt remains strong, with a preference for local currency bonds in countries with stable policy frameworks. (Writing by Nadim Kawach; Editing by Anoop Menon) (
