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Al Rajhi profits grow 170% in 2019

Al Rajhi profits grow 170% in 2019
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Riyadh – Mubasher: Al Rajhi Bank achieved a 169.6% surge in net profit last year to SAR 10.16 billion, from SAR 3.78 billion in 2018, as shown by its annual financial results for 2019.

The rise in profits was attributed to total operating income rising by 12.49% due to an increase in net special commission income, income fees from banking services, net exchange income, and other operating income, according to the bank's statement to the Saudi Stock Exchange (Tadawul).

In addition, zakat expenses decreased compared to last year by 81.7%, as 2018 included the settlement of zakat claims for prior years. Salaries and employees related benefits expenses also declined.

Meanwhile, total operating expenses increased by 13.6% due to an increase in general and other administrative expenses, and depreciation costs.

Impairment charge for financing were higher by 15.7%, going from SAR 1.53 billion to SAR 1.77 billion.