The quarterly net income of Al Rajhi Bank (1120) exceeded SAR five billion, marking almost a 23% YoY rise.
The lender’s earnings surpassed analyst projections for the third quarter, which hovered at around SAR 4.79 billion.
Details
The world’s largest Islamic bank attributes its significant profits to a 22.8% YoY growth in operating income to SAR 8.4 billion during Q3.
This came mainly on the back of a rise in income from its financing and investment operations, an increase in banking fees, and foreign currency exchanges.
So what
The bank’s share value rose 3.3% during trading Sunday on news of its strong earnings performance.
It reached SAR 87.7, marking the stock’s highest value since last month.
Some context
The lender’s CEO, Abdullah Al Rajhi, said his bank saw a 14% YoY leap in net income during the nine months ending on September 30th, marking its highest profits since its establishment in 1957.
Earnings per share rose to SAR 3.38, compared to SAR 2.96 in the same period last year.
