#Saudi's Al Rajhi Bank reports 3% drop in third-quarter profit, impairments up | Reuters

Saudi's Al Rajhi Bank reports 3% drop in third-quarter profit, impairments up | Reuters

Al Rajhi Bank 1120.SE, Saudi Arabia's second-largest lender by assets, reported a 3% drop in third-quarter net profit on Sunday, but beat analysts' forecasts.

The bank made 2.66 billion riyals ($709.28 million) in the three months to Sept. 30, down from 2.74 billion riyals in the same period a year earlier, it said in a bourse statement.

Analysts had forecast a net profit of 2.39 billion riyals, according to Refinitiv data.

Al Rajhi said an increase in expenses as a result of a rise in salaries and employee-related benefits, along with general and other administrative expenses, led to its weaker performance in the third quarter.