Tuesday, Jan 17, 2012
RIYADH (Zawya Dow Jones)--Saudi Arabia's Al Rajhi Bank (1120.SA), the Arab Gulf region's biggest lender by market value, reported Tuesday that its fourth-quarter net profit advanced 14% on year to 1.90 billion Saudi riyals ($506 million), largely in line with expectations.
Analysts at Egypt-based EFG Hermes had forecast a net profit for the quarter of SAR1,80 billion, and NCBC, SAR1.96 billion. Strong fee income, which grew 44% on year, led the top-line growth, NCBC said.
Earnings per share for the full-year notched SAR4.92, compared with SAR4.51 for 2010, Al Rajhi said in a statement on the website of the Saudi stock exchange.
Rajhi reported total operating income of SAR12.5 billion for the year, an increase of 7.2% from the previous year. Total assets rose 19.5% to SAR221 billion, including customer deposits of SAR173 billion, up from SAR143 billion in 2010, the bank said.
Separately, Al Rajhi also announced it would distribute SAR3.0 billion to shareholders as dividends for the second half of 2011. The dividends will amount to SAR2 per share, the bank said.
Al Rajhi shares closed down 1.38% on Tuesday, at 71.50.
-Ellen Knickmeyer, Dow Jones Newswires; +966 1 279 5252; ellen.knickmeyer@dowjones.com
(END) Dow Jones Newswires
17-01-12 1659GMT
