Riyad Bank, Saudi Arabia's third-largest lender by assets, posted a 2.9 per cent rise in its fourth-quarter net profit on Sunday, beating analysts' average forecast.

The bank said it made SR1.06 billion ($274.4 million) in the three months ending December 31, compared with SR1.03 billion in the same period of 2013, citing a 11.1 per cent rise in operating
income for the advance without elaborating.

Analysts surveyed by Reuters expected the bank to post an average net profit of SR1.03 billion for the
fourth quarter.

Operating income in the fourth quarter stood at 1.995 billion riyals, up from SR1.795 billion in the
corresponding period of 2013.

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

Riyad Bank said it made a net profit of SR4.35 billion in 2014, up from SR3.95 billion in 2013, a rise
of 10.3 per cent.  - Reuters