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Al Rajhi Bank, Saudi Arabia's second-biggest lender, reported a 19% year-on-year (YoY) rise in FY 2024 net profit to 19.72 billion riyals ($5.26 billion), driven primarily by an increase in net financing and investment income.
The earnings beat analysts’ mean estimate of SAR 18.68 billion, according to LSEG data.
Total operating income reached SAR 32 billion, up 16%, fueled by a 17% increase in the financing portfolio and a 31% rise in the investment portfolio.
Total provisions for expected credit losses were 41% higher at SAR 2.1 billion.
The lender's assets rose 20% YoY to SAR 944 billion.
Loans and advances portfolio rose 16.7% to SAR 693 billion while client deposits rose 9.6% to SAR 628 billion.
Earnings per share was SAR 4.67 versus SAR 3.95 in the year-earlier period.
(Reporting by Brinda Darasha; editing by Daniel Luiz)