Saudi lender Al Rajhi reports 48% rise in Q2 net income


The bank reported a net profit of 3.6 billion riyals ($959.92 million) for the period ended June 30, up from 2.44 billion in the same period a year earlier. (File pic, Al Rajhi Bank in Malaysia)

DUBAI: Al Rajhi Bank, Saudi Arabia's second-biggest lender, posted a 48% jump in quarterly profit, helped by an increase in net financing and investment income, and fees from banking services.

The bank reported a net profit of 3.6 billion riyals ($959.92 million) for the period ended June 30, up from 2.44 billion in the same period a year earlier.

Analysts had forecast a net profit of 3.4 billion riyals, according to an average estimate of five analysts in Refinitiv Eikon.

The Islamic lender said income from special commissions, financing and investments rose 27% from a year earlier to 5 billion riyals.

Saudi banks have benefited from growth in mortgages and an economic recovery this year following the easing of the lockdowns imposed to combat the outbreak of coronavirus.

The International Monetary Fund expects Saudi Arabia's economy to grow at 2.4% this year, after the kingdom's economy contracted 4.1% in 2020 due to the twin shock of the COVID-19 pandemic and lower oil prices.

($1 = 3.7503 riyals)- Reuters

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