Saudi Arabia’s Al-Rajhi Bank reported SAR 1,520 million net earnings for the fourth quarter of 2014, falling 1.75% year-on-year from SAR 1,547 million and 8.54% quarter-on-quarter from SAR 1,662 million.
The full-year net earnings also decreased by 8.09% to SAR 6,836 million, compared with SAR 7,438 million in 2013.
Earnings per share went down from SAR 4.58 to SAR 4.21.
Total assets grew 9.95% to SAR 307,712 million, compared with SAR 279,871 million a year earlier.
The bank ascribed the profit decline in Q4 the decrease in total operating income.
The profit decline in FY14 was due to increase in total operating expenses, Al-Rajhi said.
Photo Credit: Arabianeye-Reuters