Al Rajhi Bank first-quarter net profit falls 7%

Saudi Arabia’s Al Rajhi Bank reported a 7.32% fall in its first-quarter net profit on Wednesday (May 13).

The bank made 2.38 billion riyals ($635 million) for the three months to March 31 compared to 2.57 billion riyals in the same quarter last year, it said in a filing on the Saudi stock exchange Tadawul.

The Shariah-compliant bank said impairment charges for financing ballooned by 78% to 693 million riyals versus 389 million riyals.

Financing and investment grew by 11.31% to 261.39 billion riyals, and customer deposits rose by 7.55% to 315.66 million riyals.

The bank’s assets rose by 7.95% to 391.9 billion riyals.

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