Riyadh – Mubasher: Al Rajhi Bank reported a 21.1% year-on-year profit growth in the first quarter of 2019.

The Saudi lender’s net profits amounted to SAR 2.88 billion in the first three months of 2019, compared to SAR 2.38 billion in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

The Q1-19 profit increase was ascribed to a 12% growth in total operating income on the back of higher net special commission income and fees from banking services.

Quarter-on-quarter, the Saudi bank’s net profit rose 4.07% from SAR 2.772 billion in Q4-18.