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.

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