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.
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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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