Riyadh – Mubasher: Saudi Arabia-based Al Rajhi Bank on Tuesday posted a 7.29% year-on-year increase in its net profits during the first quarter of 2018, compared to the year-ago period.

Al Rajhi Bank's net profit amounted to SAR 2.38 billion in the three-month period ended March 2018, up from SAR 2.22 billion during Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi lender attributed the increase in its first-quarter net profits to a 7.5% growth in operating income, as well as an 8.14% rise in net special commission income.

The value of net special commission income jumped 8.2% to SAR 3.12 billion in Q1-18, compared to SAR 2.89 billion during the same period in the year before.

“Total shareholders' equity (There are no minority rights) as at Q1-18 was SAR 50,440 billion, compared to SAR 51,431 billion for Q1-17, with a decrease of 1.93%,” the statement added.

Quarter-on-quarter, the bank's profits fell 2.85%.

Al Rajhi Bank’s stock inched up 0.2%, to close Monday at SAR 84.01.