Saudi lender Al Rajhi reports 48% rise in Q2 net income | Reuters
Al Rajhi Bank (1120.SE), 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.
i advise anyone looking for a forex and crypto trader in terms of account mentorshp to reach out to Mrs Thomas Mary for she has really help me know the better part of trade. I have made a lot of profit with her guidiance. you can reach her on her email adress thomasmary4554@gmail.com or reach her on her whatsapp +447508347797.
ReplyDelete