Al Rajhi Bank 2019 profit almost triples on higher income, lower zakat expenses
Saudi Arabia’s Al Rajhi Bank’s profit for 2019 increased by 2.7 times on higher income and lower zakat expenses.
The bank’s profit reached 10.16 billion riyals ($2.71 billion) in 2019 from 3.77 billion riyals in 2018, the Shariah-compliant financial institution reported in a bourse filing on Tuesday (Feb 11).
Net income grew by 12.49% because of a rise in net special commission income, income fees from banking services, net exchange income, and other operating income.
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