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DUBAI: Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets, reported a 16% rise in its full-year net profit on Monday, beating analyst estimates as it registered higher operating income.

The bank made 17.15 billion riyals ($4.57 billion) in 2022, up from 14.75 billion riyals in 2021, it said in a bourse filing.

Two analysts predicted a profit of 16.88 billion riyals for last year, according to Refinitiv.

Al Rajhi made 4.4 billion riyals in the fourth quarter, according to Reuters calculations, compared with 4 billion riyals in the same period last year.

The bank attributed its annual results on higher operating income - which rose 11% helped by net financing and investment income - fees from banking services, exchange income and other operating income.

Gulf stocks rise on hope of slower Fed rate hikes

Loans and advances last year stood at 568.34 billion riyals, gaining 25.5% over 2021, while deposits rose 10.3% to 564.93 billion riyals.

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