Oct 13 2011 |
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Saudi Arabia Al-Rajhi Bank net profit rises 18%
RIYADH: Al-Rajhi Bank has announced its interim consolidated financial results ending on Sept. 30.Net profit during the third quarter reached SR1,936 million compared with SR1,640 million for the corresponding quarter of previous year, representing an increase of 18.04 percent, and against the net profit for the previous quarter SR1,843 million, representing an increase of 5.04 percent.
Total operating income for the third quarter reached SR3,192 million, compared with SR2,966 million for the corresponding quarter of previous year, representing an increase of 7.62 percent.
Net profit for the nine months reached SR5,479 million, compared with SR5,103 million for the same period last year, representing an increase of 7.37 percent.
Total operating income for the nine months reached SR9,179 million, compared with SR8,797 million for the same period last year, representing an increase of 4.34 percent.
The net profit of financing and investments during the nine months reached SR6,825 million, compared with SR6,892 million for the same period last year, representing decrease of 0.97 percent.
Total assets as of Sept. 30, 2011, reached SR212.8 billion compared to SR181.5 billion for the same period of the previous year, representing an increase of 17.24 percent, and the amount of investments as of Sept. 30 totaled SR 43.8 billion against SR30.8 billion for the same period of the previous year, representing an increase of 42.20 percent.
The total amount of funding as of Sept. 30, 2011, reached SR134.6 billion compared to SR119.9 billion for the same period of the previous year, representing an increase of 12.26 percent. Customer deposits as of Sept. 30, 2011, reached SR166.8 billion compared to SR141.6 billion for the same period of the previous year, representing an increase of 17.79 percent.
The rise in profits is due to higher income from banking fees and investment income.
© Arab News 2011
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