Al Rajhi Bank, Saudi Arabia’s biggest bank by market value, reported a 17.7 per cent surge in its second-quarter net profit, thanks to higher income from fees and special commissions.
Net profit for the three-month period to June 30 climbed to 2.57 billion Saudi riyals (Dh2.52), the lender said in a regulatory filing to the Saudi stock exchange, where its shares are traded. Net special income and investments rose to 3.23bn riyals during the period from 2,95bn from a year-earlier, it said.
The earnings missed the mean estimate of 2.4bn riyals of three analysts polled by Reuters.
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Saudi banks to see credit-positive recovery in 2018, says Moody’s
Saudi Arabian lender Al Rajhi reports 20% rise in fourth quarter net income
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“Net income increased due to an increase in total operation income by 10.6 per cent caused by an increase in net special commission income, fees from banking services, and other operating income,” the bank said, without specifying the reasons for increases.
The fortunes of Saudi Arabian banks in general are improving on the back of a return to economic growth in the Arab world’s largest economy after it slowed down in the wake of a three-year oil slump.
Saudi Arabian financial institutions are expected to outperform their GCC peers this year on greater government spending and higher interest rates, which will boost net interest margins, according to a Moody’s Investors Service report released earlier this year.
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The Uefa Awards winners
Uefa Men's Player of the Year: Virgil van Dijk (Liverpool)
Uefa Women's Player of the Year: Lucy Bronze (Lyon)
Best players of the 2018/19 Uefa Champions League
Goalkeeper: Alisson (Liverpool)
Defender: Virgil van Dijk (Liverpool)
Midfielder: Frenkie de Jong (Ajax)
Forward: Lionel Messi (Barcelona)
Uefa President's Award: Eric Cantona
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Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
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