Riyadh – Mubasher: Al Rajhi Bank on Monday said that its net profits increased by 6.3% year-on-year in the second quarter of 2017.

The bank achieved SAR 2.18 billion net profits in Q2-17, compared to SAR 2.05 billion in Q2-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, net profits slightly decreased 1.76% to SAR 2.18 billion, from SAR 2.22 billion.

The total special commission’s income surged 7.1% reaching SAR 3.1 billion in Q2-17, compared to SAR 2.89 billion in the same period in the year before.

The Tadawul-listed bank attributed the increase in net profits to the net special commission's income growth by 6.3%, while other operations income went up 41.3%, and the impairment charge for financing and salaries expenses tumbled.

Al Rajhi Bank’s profits levelled up to reach SAR 4.40 billion in the first half of 2017, compared to SAR 4.07 billion in H1-16.

The total special commission’s income grew 9.5% to SAR 6.12 billion in H1-17, from SAR 5.59 billion in H1-16.

The bank’s stock went up 0.61% to SAR 64.10 on Monday.