Saudi’s Al Rajhi Bank first-half profit dragged down by 48.5% rise in impairment charges
Al Rajhi Bank on Thursday (July 23) reported 4.816 billion riyals ($1.284 billion) in profit for the first six months of the year, a 5.605% drop from the same period in 2019.
In a time of economic challenges amid the COVID-19 pandemic, credit impairments surged 48.5% to 1.151 billion riyals compared to the first half of last year, according to the bank’s filing with the Saudi stock exchange.
Most of these charges, 693 million riyals, were picked up in the first quarter.
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