Jul 11 2011 |
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* Saudi's Al Rajhi Bank 2Q Profit Up 3.6% At SAR1.84B Vs Yr Ago
Monday, Jul 11, 2011
(MORE TO FOLLOW) Dow Jones Newswires
11-07-11 1318GMT
* Al Rajhi Says Pft Up On Improved Revs From Investments, Bkg Services
Monday, Jul 11, 2011
(MORE TO FOLLOW) Dow Jones Newswires
11-07-11 1320GMT
Saudi's Al Rajhi Bank 2Q Pft Up 3.6% At SAR1.84B On Investment Revs
Monday, Jul 11, 2011
RIYADH (Zawya Dow Jones)--Saudi Arabia's Al Rajhi Bank (1120.SA), the Arab Gulf's biggest lender by market value, Monday said second-quarter net profit rose 3.6% to 1.84 billion Saudi riyals ($491.5 million) due to improved income from investments and banking services.
Analysts at Cairo-based EFG-Hermes had expected the bank to post a net profit of SAR1.85 billion in the three-month period, while analysts at Bahrain-based SICO had penciled in a SAR1.73 billion result.
Earnings per share in the first half of the year rose to SAR2.36, from SAR2.31 a year earlier, the bank said in a statement posted on the Saudi bourse website.
Total operating profit for the second quarter stood at SAR3.1 billion, compared with SAR2.9 billion a year earlier.
Profits at most Saudi banks came under pressure in 2009 from increased provisions to counter exposure to some troubled Saudi firms and also from flat credit growth as lenders restricted loans during the global slowdown. But the performance of most banks started to recover last year after the lenders set aside enough provisions to cover the bulk of problem borrowings.
Al Rajhi shares closed trading Monday 0.3% higher at SAR75.50 in a slightly negative overall market.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
11-07-11 1328GMT
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