Al Rajhi Bank net profit rises by 10.1 percent

DUBAI / Reuters

Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets, reported a 10.1 percent rise in its first-quarter net profit on Monday, beating analysts forecasts.
The bank made 2.22 billion riyals ($589.30 million) in the three months to March 31, up from 2.017 billion riyals in the same period a year earlier, it said in a bourse statement.
Four analysts surveyed by Reuters had on average forecast the bank’s quarterly profit would be 2.156 billion riyals.
Al Rajhi, which had reported rising profit growth in the previous five quarters, attributed the performance in the first quarter to higher net financing and investment income even though fee income fell.
Saudi companies issue brief earnings statements early in the
reporting period before publishing more detailed results later.