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Islamic Finance Briefing - Categorized | Banking, Performance more

Al-Rajhi, Riyad Bank net profits up in Q4

Posted on 18 January 2012

Two major Saudi lenders, Al-Rajhi Bank and Riyad Bank, posted higher fourth-quarter results on Tuesday, but missed analyst expectations. The Kingdom’s biggest Islamic lender, Al-Rajhi, posted a 13.9 percent rise in its fourth-quarter net profit, as it made SR1.899 billion ($506.3 million) in the three months ending Dec. 31.
Seven analysts surveyed by Reuters expected Al-Rajhi to post an average of SR1.914 billion for the fourth-quarter. “The reason for the rise in profits for the twelve months ending Dec. 31 is the increase in returns from operating income,” Al-Rajhi said in a bourse statement………………………………………..Full Article: Source

 
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