Al Rajhi Bank third-quarter profit up 16.7 per cent

Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets, reported a 16.7 per cent rise in its third-quarter net profit on Monday, meeting analysts’ forecasts.

The bank made 2.01 billion Saudi riyals in the three months to September 30, up from 1.72bn riyals in the same period a year earlier, it said in a bourse statement.

Six analysts surveyed by Reuters had on average forecast the bank’s quarterly profit would be 2.06bn riyals.

Al Rajhi is the first major lender in the kingdom to report higher profits for the three months to September 30, building on a run of rising profit growth in the previous four quarters, at a time when other Saudi banks have struggled against a challenging economic backdrop.

It attributed the positive performance in the latest quarter to a 16.8 per cent rise in net special commission income to 2.91bn riyals. Total operating income also gained 21.4 per cent year on year to 3.88bn riyals.

Loans and advances at the end of September stood at 225.86bn riyals, gaining 7.6 per cent on the same point of 2015, while deposits were flat over the same period at 272.6bn riyals.

* Reuters

Follow The National’s Business section on Twitter

Share This Post