The biggest banks in Saudi Arabia have reported strong earnings for the first quarter, spurred by government spending plans and a bull market in local stocks.
Al Rajhi Bank, the region's biggest lender by market capitalisation, topped analysts' estimates with an 18.3 per cent increase in quarterly income to 2.01 billion Saudi riyals (Dh1.96bn), compared with the same period last year.
Banque Saudi Fransi generated a profit of 789 million riyals, a 10 per cent increase on the same period a year earlier.
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