U.S. Markets open in 6 hrs 47 mins
  • S&P Futures

    3,601.25
    +25.25 (+0.71%)
     
  • Dow Futures

    29,783.00
    +237.00 (+0.80%)
     
  • Nasdaq Futures

    11,968.50
    +63.25 (+0.53%)
     
  • Russell 2000 Futures

    1,837.60
    +20.50 (+1.13%)
     
  • Crude Oil

    43.48
    +0.42 (+0.98%)
     
  • Gold

    1,827.60
    -10.20 (-0.56%)
     
  • Silver

    23.49
    -0.15 (-0.63%)
     
  • EUR/USD

    1.1855
    +0.0010 (+0.0830%)
     
  • 10-Yr Bond

    0.8570
    0.0000 (0.00%)
     
  • Vix

    22.66
    -1.04 (-4.39%)
     
  • GBP/USD

    1.3347
    +0.0025 (+0.1842%)
     
  • USD/JPY

    104.4410
    -0.0470 (-0.0450%)
     
  • BTC-USD

    18,374.67
    +42.16 (+0.23%)
     
  • CMC Crypto 200

    368.39
    +6.96 (+1.93%)
     
  • FTSE 100

    6,333.84
    -17.61 (-0.28%)
     
  • Nikkei 225

    26,165.59
    +638.22 (+2.50%)
     

Saudi's Al Rajhi Bank reports 3% drop in third-quarter profit, impairments up

·1 min read

DUBAI (Reuters) - Al Rajhi Bank, Saudi Arabia's second-largest lender by assets, reported a 3% drop in third-quarter net profit on Sunday, but beat analysts' forecasts.

The bank made 2.66 billion riyals ($709.28 million) in the three months to Sept. 30, down from 2.74 billion riyals in the same period a year earlier, it said in a bourse statement.

Analysts had forecast a net profit of 2.39 billion riyals, according to Refinitiv data.

Al Rajhi said an increase in expenses as a result of a rise in salaries and employee-related benefits, along with general and other administrative expenses, led to its weaker performance in the third quarter.

The bank also attributed the decline in profits to a 39.9% increase in credit impairment charges to 465 million riyals.

Operating income for the quarter rose by 3.4% on the corresponding period of 2019 to 5.16 billion riyals, while profits from special commissions increased 0.8% to 4.2 billion riyals.

($1 = 3.7503 riyals)

(Reporting by Hadeel Al Sayegh; Editing by Susan Fenton)