Al-Rajhi Bank achieved a 42.7% growth in net profit for the third quarter of this year to reach 3.79 billion riyals, compared to 2.658 billion riyals during the same period last year.
According to Arabiya Net, revenues increased by 29% to 5.5 billion riyals, compared to 4.282 billion riyals during the same period last year.
The bank said that the net income rose as a result of an increase in total operating income by 27.7%, mainly due to the increase in net financing and investment income, income from banking services fees and income from banking services. Transfer of foreign currency and income from other operations.
On the other hand, total operating expenses increased by 7.3% as a result of the increase in depreciation expenses, salaries and employee benefits expenses, offset by a decrease in other general and administrative expenses. In addition, the provision for credit losses increased from 465 million riyals to 594 million riyals, at a rate of 27.7%.
During the first nine months of this year, net profit rose by 43.6% to 10.7 billion riyals, compared to 7.47 billion riyals during the same period last year.
The bank attributed this to the increase in net income as a result of an increase in total operating income by 26.4%, mainly due to the increase in net financing and investment income, income from banking services fees, and income from Other operations, offset by lower income from foreign currency conversion.
On the other hand, total operating expenses increased by 4.5% as a result of an increase in employee salaries and benefits expenses, other general and administrative expenses, and depreciation expenses. In addition, the provision for credit losses increased from 1,616 million riyals to 1,755 million riyals, at a rate of 8.6%.
