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Investing.com -- Al Rajhi Bank reported a second-quarter net income of SAR6,151 million, marking a 4% increase quarter-over-quarter and a 31% jump year-over-year. The results exceeded analyst expectations by 4% compared to consensus forecasts.
The Saudi bank’s strong performance was driven by robust credit growth, which aligned with expectations based on its SAIBOR quotes. The financial institution also benefited from strength in non-interest revenue and improved operational efficiencies.
Given the strong loan growth trend observed in the first half of the year, Al Rajhi Bank is expected to upgrade its loan growth guidance. The healthy delivery in the first half could potentially lead to a 1-2% increase in consensus pre-tax profit forecasts, according to Jefferies.
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