Net investment income, the Islamic equivalent of loan income, rose by 7 per cent to SR2.14bn, and banking services income was up 28 per cent to SR568m.

Chief executive officer Abdullah Sulaiman al-Rajhi says the bank had succeeded in “diversifying sources of revenues and in developing investment and corporate banking sectors, hand-in-hand with expanding retail banking activities.”

Arab National Bank also reported a 3.3 per cent rise in third-quarter profits to SR628m driven by rising lending income. Operating expenses rose 11 per cent to SR1.22bn during the first nine months of the year.