Riyad Bank
Riyad Bank is a Saudi bank listed on the Saudi Exchange (Saudi Tadawul) as a public joint stock company. It is one of the largest financial institutions in the Kingdom of Saudi Arabia and the Middle East. Established in 1957, the bank is headquartered in the capital, Riyadh, and has a capital of SAR30 billion. It operates under the supervision of the General Department of Banking Control at the Saudi Central Bank.
Riyad Bank’s shares are traded on the Main Market of "Saudi Tadawul" within the banks sector, with the name (RIBL), symbol (1010), and ISIN (SA0007879048).
Riyad Bank was established as a Saudi joint-stock company registered in Saudi Arabia under the Royal Decree and Council of Ministers’ Resolution No. 91, dated November 23, 1957. The bank operates under Commercial Registration No. 1010001054, issued on November 18, 1957.
Riyad Bank network
Riyad Bank offers its clients a wide range of banking and financing products and services through a network of 335 branches, 2,214 ATMs, and 216,927 point-of-sale (POS) terminals. Riyad Bank is present outside Saudi Arabia through a branch in London, United Kingdom, an agency in Houston, United States, and a representative office in Singapore.
Riyad Bank services
Riyad Bank offers a comprehensive range of Islamic and conventional banking products and services to its clients, including individuals, corporations, and startups. It is also active in arranging and participating in financing operations for vital sectors in Saudi Arabia, such as the oil and gas sectors and the petrochemical industry, in addition to several infrastructure projects across Saudi Arabia.
Riyad Bank subsidiaries
Riyad Bank has six subsidiaries, all headquartered in Saudi Arabia, with the bank holding 100 percent ownership of each. These include: Riyad Capital, the bank’s investment arm with a capital of SAR200 million; Ethraa Riyadh Real Estate Company; Riyad Financial Markets Company; Riyad Company for Insurance Agency; Curzon Street Properties Limited; and Riyadh Esnad Human Resources Company.
In 2018, Riyad Bank announced preliminary merger discussions with National Commercial Bank (SNB). However, the process was closed the following year after both banks’ boards of directors agreed not to proceed with the merger. Later, in 2021, Samba Financial Group merged with SNB.
Financial solvency of Riyad Bank
As of September 30, 2023, the bank’s total assets reached SAR377.012 billion, compared to SAR347.881 billion for the same period in the previous year, with an increase of 8.4 percent. Client deposits increased by 8.0 percent, amounting to SAR254.719 billion as of September 30, 2023, compared to SAR235.892 billion in the same period of the previous year. The (net) loans and advances portfolio grew by 10.6 percent, reaching SAR267.151 billion as of September 30, 2023, compared to SAR241.586 billion at the end of the same period of the previous year.
Credit ratings strength
Standard & Poor’s Agency (S&P) has rated the short-term liabilities at (A-2) and the long-term liabilities at (A-), with a stable outlook. Moody’s has rated the short-term liabilities at (P-1) and the long-term liabilities at (A2), with a positive outlook. Fitch Ratings maintained the short-term issuer rating at (F-2) and upgraded the long-term liabilities rating to (A-), with a stable outlook.