Al Rajhi Bank falls on lower quarterly results
- Saudi Arabia: Sunday, October 14 - 2012 at 19:51
The Tadawul All-Share Index fell further Sunday, closing off 0.31% at 6,661.99 points. Sabic, the petrochemical giant which is also considered a regional market indicator, declined 0.30% to SR88. The GCC's largest Islamic financial institution Al Rajhi Bank, with a market capitalisation of around $30bn the largest lender listed at the Saudi Stock Exchange, slipped 1.10% to SR68.25. Earlier in the day, Al Rajhi Bank said that its net profit during the third quarter reached SR1.9bn compared with SR1.9bn for the corresponding quarter of previous year, representing a decrease of 3.5%, and against the net profit for the previous quarter of SR2.1bn, representing a decrease of 10.7%. Net profit for the nine months reached SR5.974bn, compared with SR5.5bn for the same period last year, representing an increase of 9%. Commenting on the results, Al Rajhi Bank said "The reason for the rise in net profits during the period of the nine months compared to the same period of last year is the increase of total operating income; moreover, the decrease of the net profit during the third quarter compared to previous quarter of the current year and compared to the third quarter of last year is the increase of the total operating expenses."
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