Riyadh – Mubasher: Al Rajhi Bank registered a 6.8% decline in net profit, as shown by the company’s interim financial results for the three-month period ending on 31 March 2020.
During the first quarter (Q1) of 2020, the bank’s net profit after zakat and tax amounted to SAR 2.65 billion, compared with SAR 2.84 billion for the corresponding quarter of last year.
The bank attributed the decline in net profit to lower net income and an increase in total operating expenses by 29%.
The increase in expenses is due to higher salaries and employees’ related benefits, depreciation, and other general and administrative expenses, according to a disclosure to the Saudi Stock Exchange (Tadawul) on Wednesday.
Additionally, the impairment charge for financing increased by 78% from SAR 389 million to SAR 693 million.
