Riyad Bank Q4 profits up 7 percent
Al Rajhi Bank achieved its fastest quarterly profit growth since the beginning of the year, reaching 2.87 billion riyals in the third quarter, representing a 6.6% increase year-over-year and surpassing analysts' expectations of 2.61 billion riyals. The growth was driven by an increase in total operating income, especially from net trading income, foreign exchange gains, and dividend income, despite a decline in fee and commission income and gains from the sale of investments. Additionally, credit loss provisions rose by 25%, alongside increases in employee expenses, depreciation, and rent costs.
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