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Al Rajhi Bank, Saudi Arabia's second-biggest lender, reported a 3% fall in full-year net profit to 16.62 billion riyals ($4.4 billion), as operating income fell offsetting lower provisioning for expected credit losses.
The net profit was a shade below analysts’ mean estimate of SAR16.2 billion, according to LSEG data.
Net financing and investment income fell by 4.1%, the bank said in a regulatory filing on Riyadh's Tadawul exchange on Wednesday.
Total provisions were 25% lower at SAR1.5 billion.
The lender's assets rose 6% to SAR808 billion for the same period in 2022.
Earnings per share was SAR3.95 versus SAR4.24 in the year-earlier period.
(Writing by Brinda Darasha; editing by Seban Scaria)
