Riyadh – Mubasher: Al Rajhi Bank on Sunday reported a 9.69% year-on-year surge in net profits for the first nine months of 2017.

The bank achieved profits of SAR 6.66 billion in the nine-month period of 2017, versus SAR 6.079 billion in the prior-year period, the bank said in a filing to the Saudi Stock Exchange (Tadawul).

Operation income increased 1.54% to SAR 11.706 billion in the nine-month period from SAR 11.529 billion in the corresponding period of the year before.

Commission income rose 6.87% to SAR 8.872 billion in the nine-month period from SAR 8.302 billion in the year-ago period.

The Tadawul-listed bank attributed the increase in net income to higher operating income from financing and investments by 6.9%, as well as an increase in other operating income by 22.9%.

Net profit grew 12.74% in the third quarter ended September 2017 to SAR 2.265 from billion SAR 2.009 billion in Q3-16.

Operation income went up 2.53% to SAR 3.976 billion in Q3-17, compared to SAR 3.878 billion in the same period of 2016.

Commission income levelled up 4.05% to SAR 3,032 billion in Q3-17, versus SAR 2.914 billion in Q3-16.

Al Rajhi Bank had previously announced that its net profits rose 6.3% in Q2-17 to SAR 2.18 billion, compared to SAR 2.05 billion in Q2-16.

The bank’s profits amounted to SAR 4.40 billion in the first half of 2017 from SAR 4.07 billion in H1-16.