Al-Rajhi Bank’s profits increased 42.7% in the third quarter to 3.79 billion riyals

announce Al Rajhi BankToday, Sunday, it announced the preliminary financial results for the third quarter of this year, achieving a net profit growth of 42.7%.

The bank added that its net profit amounted to 3.79 billion riyals, compared to 2.658 billion riyals during the same period last year.

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, income from foreign currency conversion and income from other operations.

On the other hand, total operating expenses increased by 7.3% as a result of the increase in depreciation expense and employee salaries and 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 increased 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 the increase in total operating income by 26.4%, mainly due to the increase in net financing and investment income and income from banking services fees and income from other operations, which was offset by a decrease in income from foreign currency conversion.

On the other hand, the total operating expenses increased by 4.5% as a result of an increase in the expenses of salaries, employee benefits, 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%.

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