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Al Rajhi Bank profits down 3% in Q3

Al Rajhi Bank profits down 3% in Q3
Revenues for Q3-20 remained unchanged at SAR 4.282 billion.
ALRAJHI
1120
21.03% 84.60 14.70

Riyadh – Mubasher: Al Rajhi Bank achieved SAR 2.658 billion worth of profits in the third quarter (Q3) of 2020, down by around 3% when compared to SAR 2.7 billion in the year-ago quarter.

The drop in profits was ascribed to a rise in total operating expenses by 13.5% due to an increase in salaries and employees’ related benefits, and general and other administrative expenses. This was offset by a slump in depreciation expense, according to a bourse filing on Sunday. 

In addition, credit impairment charge rose by 39.9% to SAR 465 million. In contrast, total operating income grew by 3.4%.

Revenues for Q3-20 remained unchanged at SAR 4.282 billion.

During the January-September period, the profits registered SAR 7.47 billion, posting a 4.7% annual decrease.