Founded in 1957 with an initial capital of $13.3m, the company is the oldest publicly-held bank in the Kingdom and is one of three 100 percent Saudi-owned in Saudi Arabia.
The company said in January that it has allocated SAR900m ($240m) in provisions after a revaluation of its investments portfolio.
“The allocations were about SAR900m… such provisions have to be made at the end of the year because we have to revaluate the investment portfolio,” Mohammad Rabea, first deputy chairman of the bank, told Al Arabiya television, according to newswire Reuters.
“This is only precautionary ... Our investments are solid and strong and are rated A+ and B+,” he said.
Riyad Bank operates 201 branches and has grown to become a lead financier, particularly in arranging the flow of syndicated loans in the oil, gas, petrochemicals, power and water sectors.
The bank has a special network of ladies’ branches that do not require the guarantee of a sponsor. At these branches, clients have the option to receive all of their bank related mail through their accounts, enabling them to review it in complete privacy.