Saudi Al Rajhi Bank FY 2023 net profit slips 3% as operating income falls

Saudi Al Rajhi Bank FY 2023 net profit slips 3% as operating income falls

Al Rajhi Bank, Saudi Arabia's second-biggest lender, reported a 3% fall in full-year net profit to 16.62 billion riyals ($4.4 billion), as operating income fell offsetting lower provisioning for expected credit losses.   The net profit was a shade below analysts’ mean estimate of SAR16.2 billion, according to LSEG data.   Net financing and investment income fell by 4.1%, the bank said in a regulatory filing on Riyadh's Tadawul exchange on Wednesday.   Total provisions were 25% lower at SAR1.5 billion.   The lender's assets rose 6% to SAR808 billion for the same period in 2022.   Earnings per share was SAR3.95 versus SAR4.24 in the year-earlier period.   (Writing by Brinda Darasha; editing by Seban Scaria)   [email protected] Saudi Al Rajhi Bank FY 2023 net profit slips 3% as operating income falls