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Al Rajhi Bank Q2 profit slips 8.2pc

Riyadh, July 13, 2014

Al Rajhi Bank, Saudi Arabia's largest listed lender, posted a 8.2 percent decrease in its second-quarter net profit, it said in a bourse statement on Sunday, in line with analyst forecasts.

The bank said it made 1.95 billion riyals ($520 million) in the three months ending June 30, compared with 2.12 billion riyals in the same period a year earlier.

Analysts surveyed by Reuters expected the bank to post an average net profit of 1.97 billion riyals for the quarter.

The decrease was the third straight drop in quarterly profit posted by the bank, which it attributed to a rise in operating expenses without elaborating.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.

Operating income for the quarter rose by 6.6 percent on the corresponding period of 2013 to 3.66 billion riyals, while profits from special commissions increased 4.9 percent over the same timeframe to 2.51 billion riyals. - Reuters

Tags: Saudi Arabia | Bank | Al Rajhi |

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