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Al Rajhi Bank Q3 profits up 17%

Al Rajhi Bank Q3 profits up 17%
The increase in the net profits is due to the increase of operating income by 21.35%- (Photo Credit: Arabianeye-Reuters)
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Riyadh – Mubasher: Al Rajhi Bank’s profits for the third quarter of 2016 grew 16.73% year-on-year to SAR 2 billion ($535.73 million) from SAR 1.72 billion ($458.93 million), according to a bourse filing Monday.

The increase in the net profits is due to the increase of operating income by 21.35%, driven by higher net special commission income and an increase in other operating income and fees income from banking services, the statement said.

Operating expenses rose 26.7% on the back of salary expenses, increased credit and investment loss provisions.

Al Rajhi’s net profits also grew 17.3% in the first nine months of 2016 to SAR 6.08 billion compared to SAR 5.18 billion in the same period of 2015.