Riyadh – Mubasher: Al Rajhi Bank’s profits for the fourth quarter of 2016 grew 5% year-on-year to SAR 2.05 billion ($545.87 million) from SAR 1.95 billion ($519.73 million).
The increase in the net profits is due to the increase of operating income by 6.1%, driven by higher net financing and investment income and an increase in other operating income, according to a bourse filing on Wednesday.
Operating expenses increased 7.3% as a result of higher staff, rental and depreciation expenses, while impairment charge for financing decreased, the statement.
On the twelve-month level, the company’s profits increased 13.97% to SAR 8.13 billion from SAR 7.13 billion in 2015.
Gross financing and investment income for the three months period ended 31 Dec 2016 was SAR 3.09 billion compared to SAR 2.56 billion compared to the same quarter of last year, with an increase of 20.4%, to reach SAR 11.75 billion compared to SAR 10.26, with a rise of 14.6%.
