Connect with us

Hi, what are you looking for?


Saudi Arabia’s Al Rajhi Bank reports 40.1pct rise in Q1 net profit

Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets, reported a 40.1 percent rise in net profit, boosted by an increase in financing and investment income.

Saudi Arabia’s biggest Islamic lender said net profit in the three months ended March 31 to 3.34 billion riyals ($890.60 million).

It made net profit of 2.38 billion riyals in the same period year earlier.

Al Rajhi, which has traditionally focused on consumer banking, said that profit was also helped by an increase from fees for banking services and income from other operations.

Net income from special commissions, financing and investments grew 2.9 percent to 4.77 billion riyals.

Total operating expenses decreased by 3.7 percent in the quarter, while impairment charges declined 16.7 percent to 577 million riyals.

Next articles

Top lender Saudi National Bank’s gains boost Saudi shares

Most major Gulf markets ease in early trade as Saudi gains

NCB and Samba launches Saudi National Bank in region’s largest banking merger



You May Also Like


Sitting by herself at the funeral of Prince Philip on Saturday, Queen Elizabeth cut a regal, but solitary figure: still the monarch, but now...


Germany’s vaccine commission, known as STIKO, recommended on Thursday that people under 60-years old who have had a first shot of AstraZeneca’s COVID-19 vaccine...


Activists opposed to Myanmar’s junta called on Monday for people to stop paying electricity bills and agricultural loans, and keep their children away from...

Life Style

An uncrewed SpaceX Starship prototype rocket failed to land safely on Tuesday after a test launch from Boca Chica, Texas, and engineers were investigating,...