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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