The financial statements of Al-Rajhi Bank showed a decline in the bank's profits in the first nine months of this year by 4.7% on an annual basis.
According to the bank's results for the Saudi market (Tadawul), today, Sunday, profits for the period amounted to 7.474 billion riyals, compared to 7.841 billion riyals in the first nine months of 2019 .
The bank said that the decline in profits during the comparison periods is due to the increase in the items of salaries and benefits for employees, depreciation expenses and other general and administrative expenses.
In addition to the increase in the provision for credit losses from 1.107 billion riyals to 1.616 billion riyals, a rate of 45.9%.
On the other hand, the total income from operations increased by 3.1% due to the increase in net financing and investment income, income from fees for banking services, and income from other operations.
At the level of the third quarter of this year, the bank achieved profits of 2.658 billion riyals, compared to profits of 2.739 billion riyals for the same period in 2019, a decrease of 3% .
