Al-Rajhi Bank posts SR1.72bn net profit in Q3
Al-Rajhi Bank said third-quarter net profit fell 8.1 percent. The bank made SR1.72 billion ($458.6 million) in the three months to September 30, compared with SR1.87 billion in the same period a year earlier. Al-Rajhi attributed the fall in net profit to a decrease in operating income, which dipped 4.6 percent compared to the corresponding period of 2012. It did not elaborate further. Al-Rajhi's loans and advances at the end of the third quarter stood at SR185 billion, gaining 12 percent on the same point of 2012. Its total assets were worth SR273 billion at the end of the third quarter, up 10 percent on the corresponding point in 2012.
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