Al Rajhi reports 8 per cent profit growth

09 July 2008
Saudi Arabia’s Al Rajhi bank has reported profits of SR1.74bn ($465m) for the second quarter of the year, an 8.2 per cent rise on the same period last year.

Investment income, which is equivalent to interest income at the Islamic bank, rose 12 per cent to SR2.14bn, and banking services income rose by 44 per cent to SR577m.

Al Rajhi is the sixth biggest bank in the region by assets, and the largest Islamic bank. The positive results end a run of falling profits for the bank stretching back to December 2006, when the Saudi stock market crash hit profits from brokerage activities and led to a massive slide in banks’ revenues.

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