Al Rajhi Bank, Saudi Arabia's second-biggest lender, reported a more than 16% rise in net profit for full-year (FY) 2022 to 17.15 billion riyals ($4.6 billion), fueled by a jump in financing and investment, and lower provisions for expected credit losses.
The result beat an average forecast of SAR16.88 billion penciled in by analysts in Refintiv Eikon data platform.
Financing and investment brought in SAR568 billion, nearly 26% higher on year. Total provisions were 15% lower at SAR2 billion.
The lender's assets rose to SAR762.3 billion from SAR624 billion for the same period in 2021.
Earnings per share was SAR4.24 versus SAR3.69 in the year-earlier period.
(Reporting by Brinda Darasha; editing by Daniel Luiz)