Al Rajhi Bank posts 21% profit surge to $2.2bn for H1

Saudi Arabia’s Al Rajhi Bank’s net profit hit SR8.4 billion ($2.2 billion) in the first half of 2022, bolstered by a 15 percent jump in operating income.

This represents a 21 percent surge from SR6.9 billion in the same period last year, according to a bourse filing.

The increase in operating income was fueled by higher financing and investment income, fees from banking services, and exchange income, the bank noted.

That said, it noted that 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 SR SR1.159 billion.