Islamic Finance

Saudi’s Al Rajhi Bank profit up 4.2 pct for Q2 2019 year-on-year

Al Rajhi Bank’s net profit rose 4.2 per cent to 2.58 billion Saudi riyals ($0.69 billion) for the second quarter of 2019 compared to 2.47 billion riyals in the same period last year.

The Shariah-compliant bank’s total revenue for special commissions/investments increased 14 per cent to 4.2 billion riyals year-on-year, it said in a bourse filing on Tuesday.

The bank said its Q2 net income increased due to a rise in total operating income by 13.4 per cent caused by higher net special commission income, fees from banking services, exchange income and other operating income.

For the six months ending June 30, its assets increased 6.31 per cent to 369.5 billion riyals compared to the same period in 2018.

Its customer deposits reached 300.6 billion riyals, up 7.2 per cent from H1 2018.

Loans and advances grew 5.2 per cent to 238.5 billion riyals.

Al Rajhi’s net income rose 8.3 per cent for H1 2019 year-on-year supported by an increase in total operation income driven mainly by a growth in net special commission income and fees from banking services.

($1 = 3.750 Saudi riyals)

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