Saudi Arabia’s Al Rajhi Bank posts 12% rise in quarterly profit

Saudi Arabia’s Al Rajhi Bank reported a 12.44% increase in net profit for the three months ending September 30 compared to the same period last year.

The Shariah-compliant bank posted 2.83 billion riyals ($754.4 million) in third-quarter net profit versus 2.52 billion riyals in the corresponding three months in 2018.

“Net income has increased due to an increase in total operating income by 13.6% caused by an increase in net special commission income, fees from banking services, exchange income and other operating income,” said the bank in an exchange filing on Tuesday (October 29).

Impairment charges for financing dropped by 20.4%, said Al Rajhi.

The bank’s assets grew by 3.57% to 368.28 billion riyals from 355.58 billion riyals at the end of December.

Financing and investment rose by 5.41% to reach 244.59 billion riyals for the nine months ending September 30.

Customer deposits growth was slower, increasing by 3.45% to 298.81 billion riyals.

($1 = 3.75 Saudi riyals)

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