Friday 29 March 2024
 
»
 
»
Story

Saudi's Al Rajhi Bank posts 11 pc quarterly profit drop

RIYADH, April 13, 2015

Al Rajhi Bank, Saudi Arabia's second-largest lender, posted an 11 per cent drop in its first-quarter net profit, it said on Monday, missing analyst forecasts.

The bank made 1.52 billion riyals ($405.3 million) in the three months ending March 31, compared with 1.71 billion riyals in the same period a year earlier, it said in a bourse statement.

Nine analysts surveyed by Reuters on average expected the bank to post a net profit of 1.61 billion riyals for the quarter.

The decrease was the seventh straight drop in quarterly profit posted by the bank, which it attributed to a decrease in total operating income -- which fell 2.2 per cent year on year to 3.42 billion riyals -- and a rise in total operating expenses.

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

Loans and advances at the end of March stood at 205.1 billion riyals ($54.6 billion), gaining 6.3 per cent on the same point of 2014, while deposits rose 11.4 per cent to 265.6 billion riyals ($70.7 billion) over the same period. – Reuters
 




Tags: Saudi Arabia | profit | Bank | Al Rajhi |

More Finance & Capital Market Stories

calendarCalendar of Events

Ads