The financial statements of Al Rajhi Bank showed an increase in the bank’s profits in the second quarter of this year by 18.1% on an annual basis, to reach 4.26 billion riyals, compared to 3.61 billion riyals in the same period last year.
The bank said in a statement to the Saudi market (Tadawul), today, Sunday, that the increase in profits during the comparison periods is mainly due to the increase in net financing and investment income, income from banking services fees and income from foreign currency conversion, offset by a decrease in income from other operations.
On the other hand, the total operating expenses increased by 3.7% due to the increase in depreciation expense, salaries and employee benefits expenses and other general and administrative expenses. In addition, the provision for credit losses decreased from 584 million riyals to 580 million riyals, at a rate of 0.6%.
The bank's profits in the first half of this year amounted to 8.39 billion riyals, compared to profits of about 6.94 billion riyals in the same period last year, an increase of 20.9%.
Earnings per share increased by the end of the first half of this year to 2.08 riyals per share, compared to 1.74 riyals per share in the same period of the previous year.
