Riyad Bank, Saudi Arabia's fourth-largest lender by assets, posted a 0.7 per cent decline in its second-quarter net profit on Thursday, missing analysts' average forecast.

The bank said it made SR1.13 billion ($301.3 million) in the three months ending June 30, compared with SR1.14 billion in the same period of 2014, citing an increase in operating expenses for the decline without elaborating.

Six analysts surveyed by Reuters on average forecast the bank to post a net profit of SR1.18 billion for the quarter.

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

The bank had marginally trimmed its dividend for the first half of 2015, according to a July 5 announcement, despite reporting an 8.6 per cent increase in its first-quarter net profit citing a rise in operating income. - Reuters