DUBAI: Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets, reported a 12.7 percent rise in third-quarter net profit on Sunday, in line with analysts’ forecasts.
The bank made 2.27 billion riyals in the three months to September 30, up from 2.01 billion riyals in the same period a year earlier, it said in a bourse statement.
Four analysts surveyed by Reuters had on average forecast quarterly profit would be 2.21 billion riyals.
Al Rajhi has now posted profit growth for eight straight quarters.
It attributed the latest performance to a 4 percent rise in income from financing and investments and a 2.2 percent climb in fees from banking services.
Total operating expenses fell by 8.4 percent as impairment charges for financing and salaries dropped.
Loans and advances at the end of September stood at 233.2 billion riyals, up 3.2 percent on the same point of 2016, while deposits dipped 1 percent to 270.1 billion riyals over the same period.
Despite tepid economic conditions, analysts expect Saudi banks to benefit from an improvement in liquidity and credit growth in the coming quarters after the government cleared much of the outstanding payments owed to the private sector.
Al Rajhi Bank third-quarter profit up 13%
Al Rajhi Bank third-quarter profit up 13%
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Saudi POS spending jumps 28% in final week of Jan: SAMA
RIYADH: Saudi Arabia’s point-of-sale spending climbed sharply in the final week of January, rising nearly 28 percent from the previous week as consumer outlays increased across almost all sectors.
POS transactions reached SR16 billion ($4.27 billion) in the week ending Jan. 31, up 27.8 percent week on week, according to the Saudi Central Bank. Transaction volumes rose 16.5 percent to 248.8 million, reflecting stronger retail and service activity.
Spending on jewelry saw the biggest uptick at 55.5 percent to SR613.69 million, followed by laundry services which saw a 44.4 percent increase to SR62.83 million.
Expenditure on personal care rose 29.1 percent, while outlays on books and stationery increased 5.1 percent. Hotel spending climbed 7.4 percent to SR377.1 million.
Further gains were recorded across other categories. Spending in pharmacies and medical supplies rose 33.4 percent to SR259.19 million, while medical services increased 13.7 percent to SR515.44 million.
Food and beverage spending surged 38.6 percent to SR2.6 billion, accounting for the largest share of total POS value. Restaurants and cafes followed with a 20.4 percent increase to SR1.81 billion. Apparel and clothing spending rose 35.4 percent to SR1.33 billion, representing the third-largest share during the week.
The Kingdom’s key urban centers mirrored the national surge. Riyadh, which accounted for the largest share of total POS spending, saw a 22 percent rise to SR5.44 billion from SR4.46 billion the previous week. The number of transactions in the capital reached 78.6 million, up 13.8 percent week on week.
In Jeddah, transaction values increased 23.7 percent to SR2.16 billion, while Dammam reported a 22.2 percent rise to SR783.06 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
