Banks and petrochemical stocks weighed on the Saudi market, with bellwether Al Rajhi Bank slipping 0.4 percent. (Courtesy of Gulf Business)
Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets, reported a 17.7 percent rise in its second-quarter net profit on Thursday, at the high end of analysts’ forecasts.
The bank made 2.57 billion riyals ($685 million) in the three months to June 30, up from 2.18 billion riyals in the same period a year earlier, it said in a statement via the stock exchange.
The average forecast of three analysts surveyed by Reuters was a net profit of 2.41 billion riyals.
