Saudi’s Al Rajhi Bank third-quarter profit dips year-on-year as impairments soar
Saudi Arabia’s Al Rajhi Bank reported 2.66 billion riyals ($709.28 million) in net profit for the third-quarter, a 2.957% drop year-on-year as impairments soared.
The Shariah-compliant bank said in a bourse filing on Sunday (Oct 25) that credit impairment charges rose by 39.9% from 332 million riyals for January through September last year to 465 million riyals this year.
Its net income also dropped as operating expenses increased by 13.5% due to salaries and employee-related benefits, said the Islamic bank.
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