Saudi Al Rajhi Bank, SABB report double-digit Q3 profit growth | Reuters:
Al Rajhi Bank and Saudi British Bank, two of Saudi Arabia’s largest banks, reported double-digit third-quarter profit growth on Wednesday, broadly in line with forecasts.
Al Rajhi Bank, the kingdom’s second-largest lender by assets, reported a 13.6 percent climb in its third-quarter net profit, helped by a rise in net special commission income and fees from banking services.
The bank made 2.57 billion riyals ($685.2 million) net profit in the three months to Sept. 30, up from 2.27 billion riyals in the same period a year earlier, it said in a bourse statement.
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