Riyadh – Mubasher: Al Rajhi Bank on Wednesday said that net profits went up 13.6% year-on-year to SAR 2.57 billion during the third quarter of 2018, compared to SAR 2.27 billion.

The bank ascribed the third-quarter profit growth to 10.2% increase in operating income, according to a statement to the Saudi Stock Exchange (Tadawul).

Total revenues for special commissions and investments grew 10.3% to SAR 3.5 billion by the end of Q3-18, from SAR 3.17 billion during Q3-17.

The value of net income for special commissions and investments levelled up 11.4% to SAR 3.3 billion in the three-month period ended September, compared to SAR 3.03 billion in the corresponding three months a year earlier.

Quarter-on-quarter, the Saudi lender's profits inched up 0.15% in Q3-18, from SAR 2.5 billion.

During the first nine months of 2018, the Saudi lender’s profits jumped 12.8% to SAR 7.52 billion, from SAR 6.67 billion from January to September 2017.

Al Rajhi Bank attributed the nine-month profit increase to a 9.5% growth in operating income.

Year-on-year, the Tadawul-listed bank’s revenues for special commissions and investments increased by 8.5% to SAR 10 billion, compared to 9.3 billion.

On a related note, net income for special commissions and investments went up 10% to SAR 9.7 billion from January to September 2018, from SAR 8.8 billion a year earlier.

Al Rajhi Bank’s stock tumbled 2.33% to close Wednesday’s trading session at SAR 83.90.