Al Rajhi Bank on Sunday posted a higher profit of SR8.4 billion ($2.2 billion) for the first half of 2022, exceeding the analysts’ expectations
This is a 21 percent profit surge from SR6.9 billion in the same period last year, bolstered by a 15 percent jump in operating income.
Operating income grew because of higher investment income, banking fees, and exchange income, the bank said.
But the depreciation, higher salaries, and employee benefits weighed on costs during the six-month period, leading to a 4.5 percent rise in operating expenses.
Al Rajhi Bank’s impairment charges for financing went down slightly from SR1.161 billion to SR1.159 billion.