Riyadh – Mubasher: Al Rajhi Bank on Sunday posted a net profit of SAR 9.12 billion ($2.43 billion) for the full-year 2017, registering a rise of SAR 12.24% from SAR 8.13 billion in 2016 ($2.17 billion).
Earnings per share (EPS) amounted to SAR 5.61 in 2017 versus SAR 5 in 2016.
The 3.7% year-on-year rise in total operating income to SAR 15.905 billion, along with a 38.4% jump in other operating income, helped Al Rajhi Bank’s profits during 2017, according to a filing to the Saudi Stock Exchange (Tadawul).
Meanwhile, at the level of the final quarter of 2017, the Saudi bank logged SAR 2.45 billion, an increase of 19.83% from SAR 2.05 billion recorded in the same period of 2016.
Al Rajhi Bank attributed its positive fourth quarter results to a 10.1% year-on-year increase in total operating income on the back of higher net income from financing and investments by 8.1% added to an 18.2% rise in fees from banking services.
Moreover, total operating expenses fell 1.1% following a 29.1% decline in an impairment charge for financing and lower salary expenses by 7.8%.
Quarter-on-quarter, the Saudi-based bank’s profits grew by 8.3%.
The bank last reported a 9.69% year-on-year rise in net profits to SAR 6.66 billion in the first nine months of 2017 from SAR 6.079 billion.
Al Rajhi Bank’s stock last closed Thursday at SAR 70.99, having fallen by 0.25%.
