Saudi’s Al Rajhi Bank 2022 net profit rises 16% on higher operating income

Dubai (Reuters) – Al Rajhi Bank (1120.SE), 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.

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.

($1 = 3.7536 riyals)