DUBAI, Aug 1 (Reuters) - Al Rajhi Bank, Saudi
Arabia's second-biggest lender, posted a 48% jump in quarterly
profit, helped by an increase in net financing and investment
income, and fees from banking services.
The bank reported a net profit of 3.6 billion riyals
($959.92 million) for the period ended June 30, up from 2.44
billion in the same period a year earlier.
Analysts had forecast a net profit of 3.4 billion riyals,
according to an average estimate of five analysts in Refinitiv
The Islamic lender said income from special commissions,
financing and investments rose 27% from a year earlier to 5
Saudi banks have benefited from growth in mortgages and an
economic recovery this year following the easing of the
lockdowns imposed to combat the outbreak of coronavirus.
The International Monetary Fund expects Saudi Arabia's
economy to grow at 2.4% this year, after the kingdom's economy
contracted 4.1% in 2020 due to the twin shock of the COVID-19
pandemic and lower oil prices.
($1 = 3.7503 riyals)
(Reporting by Saeed Azhar, editing by Louise Heavens)