Saudi Arabia’s Al Rajhi Bank reports first quarter profit surges 40% on stronger economic recovery

Saudi Arabia’s Al Rajhi Bank reports first quarter profit surges 40% on stronger economic recovery

Al Rajhi Bank, Saudi Arabia's second-largest lender by assets, reported a 40 per cent increase in first-quarter net profit on the back of lower impairment charges and higher net income from special commissions, financing and investments as the Arab world's biggest economy recovers from the coronavirus pandemic.

Net profit for the period ending March 31 rose to 3.34 billion Saudi riyals ($890.6 million), the lender said in a statement to the Tadawul stock exchange, where its shares trade. Net income from special commissions, financing and investments grew 16 per cent to 4.77bn