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Al Rajhi Bank, Saudi Arabia's second-biggest lender, reported a Q1-2023 net profit of 4.14 billion riyals ($1.10 billion), flat year- on-year (YoY), as total operating expenses, including impairment charges, fell.
The result came in slightly below the mean forecast of SAR4.37 billion penciled in by analysts, according to data provider Refintiv.
Impairment charges for financing fell 38% YoY to SAR359 million from SAR 578 million, the lender said in a statement on Riyadh's Tadawul exchange on Thursday.
Financing and investment brought in SAR577 billion, 19% higher on year.
(Reporting by Brinda Darasha; editing by Seban Scaria)
