Al-Rajhi Bank profits rise to $469m

06 October 2008
Al-Rajhi Bank, the biggest Islamic bank in the Middle East, has reported an increase in profits of 3.7 per cent for the three months to the end of September, to SR1.76bn ($468.5m), as a result of rising income from lending and investment activities.

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.

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