Al Rajhi Bank, Saudi Arabia's second-largest lender by assets, reported double-digit growth in first-quarter net profit on Tuesday, helped by higher special commission income and fees. Saudi Arabia's biggest Islamic lender said net profit rose 21 percent in the three months ended March 31 to 2.89 billion riyals ($771 million). It made net profit of 2.38 billion riyals in the same period a year earlier.
The bank aims to boost its mortgage lending as more affordable housing comes on the market, Chief Executive Steve Bertamini told Reuters this month. Saudi banks' performance in 2019 should be boosted by a surge in liquidity and an anticipated recovery in lending against a backdrop of higher oil prices.
Operating income for the quarter rose by 12 percent year-on-year to 4.64 billion riyals, while profits from special commissions increased 15 percent over the same time frame to 3.94 billion riyals. Loans and advances at the end of March stood at 236.42 billion riyals, up 3.6 percent year-on-year, while deposits rose 3.4 percent to 293.5 billion riyals over the same period.
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