Riyadh - Mubasher: Capital Intelligence has affirmed Al Rajhi Bank’s strong capital adequacy and foreign currency ratings at “A+”, downgrading the outlook from stable to negative.

The ratings are attributed to the bank’s assets and good profitability, according to a report issued by Capital Intelligence (CI) on Thursday.

Long-term foreign currency rating was maintained at “A+”, and at “A1” for the medium-term.

Al Rajhi Bank reported a 17.74% year-on-year increase in net profits to SAR 2.57 billion during the second quarter of 2018.

Net profit of the kingdom's second largest bank by assets levelled up 12.45% to SAR 4.95 billion in the period between January and June, up from SAR 4.40 billion in H1-17.