IslamicFinance.de

Saudi Arabia's Al Rajhi Bank posted its first quarterly rise in net profit in nine quarters, helped by lower expenses. Net profit rose 3.6 percent to 1.72 billion riyals ($458.8 million) for the three months to Sept. 30, in line with an average estimate from analysts of 1.77 billion. The bank had posted declining profits in the preceding eight quarters, which it attributed to higher provisioning and higher operating expenses. Al Rajhi said operating income fell by 4.1 percent to 10.15 billion riyals, while profits from special commissions increased 2.4 percent to 7.47 billion riyals. Loans and advances at the end September stood at 209.91 billion riyals, up 3.1 percent, while deposits rose 6.2 percent to 265.48 billion riyals.