Saudi Al Rajhi Bank Q1 2024 net profit up 6% on higher financing, investment income
Al Rajhi Bank, Saudi Arabia's second-biggest lender, reported a 6% year-on-year (YoY) rise in Q1 2024 net profit to 4.40 billion riyals ($1.17 billion), driven primarily by an increase in net financing and investment income.
The profit came in a shade above analysts’ mean estimate of SAR 4.31 billion, according to LSEG data.
Net financing and investment income rose by 10%, the bank said in a regulatory filing on Riyadh's Tadawul exchange on Monday.
Net income increased due to an increase in total operating income by 6.6% caused by an increase in net financing and investment income and other operating income.
Total provisions for expected credit losses were 17% higher at SAR 421 million.
The lender's assets rose 7.7% to SAR 836 billion YoY.
Loans and advances portfolio rose 5.5% to SAR 609 billion while client deposits rose 8.6% to SAR 604 billion.
Earnings per share was SAR 1.05 versus SAR 0.99 in the year-earlier period.
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