Al-Rajhi Bank announced that its quarterly profit increased by 23.9% in the first quarter of 2022 to 4.1 billion riyals, compared to 3.3 billion riyals in the first quarter of 2021.
On a quarterly basis, profits increased 3%, compared to 4 billion riyals in the previous quarter.
The bank said net profit increased as a result of an increase in total operating income of 17%, mainly due to the increase in net financing and investment income, banking service fee income, income from other transactions and income from foreign currency conversion.
Overall operating expenses, on the other hand, increased by 5.3% due to the increase in expenses for employee salaries and benefits, depreciation expenses and other general and administrative expenses.
The bank revealed an increase in the loan loss provision from 577 million riyals to 578 million riyals, at a rate of 0.2%.
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