DUBAI, April 17 Al Rajhi Bank, Saudi
Arabia's second-largest lender by assets, reported a 10.1
percent rise in its first-quarter net profit on Monday, beating
The bank made 2.22 billion riyals ($589.30 million) in the
three months to March 31, up from 2.017 billion riyals in the
same period a year earlier, it said in a bourse statement.
Four analysts surveyed by Reuters had on average forecast
the bank's quarterly profit would be 2.156 billion riyals.
Al Rajhi, which had reported rising profit growth in the
previous five quarters, attributed the performance in the first
quarter to higher net financing and investment income even
though fee income fell.
Saudi companies issue brief earnings statements early in the
reporting period before publishing more detailed results later.
($1 = 3.7502 riyals)
(Reporting by Saeed Azhar and Tom Arnold, editing by Hadeel Al