8 Hrs
Source:
الاقتصادية
Source: الاقتصادية
8 Hrsالاقتصادية
Source: الاقتصادية
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Al Rajhi Bank achieved quarterly profits higher than expectations, recording a net profit of 7.01 billion riyals, surpassing the average analyst forecast of 6.78 billion riyals by approximately 3.4%. Although the market responded to the results with a 2% decline in the stock price—its largest drop in three months—the financial performance indicates solid growth in core banking income, with the impact of provisions on profits diminishing thanks to lower zakat and tax expenses. Credit loss provisions reached 881 million riyals, the highest level since 2013, with the cost of risk rising to 46 basis points in the second quarter, reflecting increased new additions. Year-over-year, net financing and investment income increased by 13.7%, while pre-provision profit rose by 13.8%, primarily driven by continued growth in non-financial income, demonstrating the bank's ability to achieve strong profits despite financing challenges and rising provisions.
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