Saudi bank Al Rajhi reports 48% rise in net income

Al Rajhi Bank, the second-largest bank in Saudi Arabia, has recorded a 48% rise in quarterly profit, following a remarkable surge in net financing, investment revenue, and service charges. 

In a financial report released by the bank, it posted a net profit of 3.6 billion riyals (US$959.92 million) between April and June. The figures this year beat the US$2.44 billion recorded at the end of a similar timeline last year.

Following a critical examination conducted by five Refinitiv Eikon analysts, they had concluded on a 3.4 billion riyals projection for the bank this quarter, a figure that turned out to be so close to the eventual outcome.

Al Rajhi Bank has indicated that revenue from special commissions, financing, and investments rose 27% from the previous year to 5 billion riyals.

Banks in Saudi Arabia are reaping greatly from the growth in the overall economy, which is now coming out of the shadow cast by the restrictions and lockdown measures necessitated by the pandemic.