Saudi Arabia’s Al Rajhi Bank Q2 net profit at high end of forecasts

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.

Last Update: Wednesday, 20 May 2020 KSA 14:03 - GMT 11:03