Al Rajhi posts $509m Q4 net profit
Riyadh, January 16, 2013
Al Rajhi Bank, Saudi Arabia's largest listed lender, posted a small rise in fourth-quarter net profit on Wednesday, coming in slightly below the average forecast of analysts.
The bank made SR1.91 billion ($509 million) in the three months ended December, compared with SR1.90 billion in the same period the year earlier, the bank said in a bourse filing, equivalent to a 0.6 per cent rise year-on-year.
Analysts surveyed by Reuters expected the bank to post SR1.96 billion for the fourth quarter.
Al Rajhi attributed the rise in quarterly profit to higher operating income, which rose 5 per cent on the same three-month period of 2011 to SR3.49 billion.
The full-year profit for 2012 was recorded as SR7.89 billion, a 7 per cent increase on 2011's SR7.38 billion.
Total lending at the end of 2012 stood at SR172 billion, a 23 per cent jump on the same point of 2011, while deposits rose 24 per cent over the same timeframe to SR221 billion.
Saudi banks have enjoyed successive years of expansionary government budgets, ample liquidity and improving corporate loan demand.
In a separate bourse statement, Al Rajhi said it would pay a cash dividend of SR2 per share for the second half of 2012, which represents 20 per cent of a share's nominal value.-Reuters