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Al Rajhi posts 8.2% drop in Q2 net income

: Tuesday, July 15 - 2014 @ 00:21

Saudi Arabia’s largest lender by market value, Al Rajhi Bank has reported an 8% drop in second-quarter profit, falling below analyst estimates, Bloomberg has reported. Net income dropped to SR1.95bn ($520m), compared with SR2.09bn in the year-earlier period, as operating expenses rose, the lender said. Analysts estimated the bank’s profit to reach SR1.97bn. Profit at the Riyadh-based bank slowed for the third consecutive quarter, even as the Saudi economy is poised to grow 4.2% this year.

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Tuesday, July 15- 2014 @ 0:21 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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