Gulf kingdom's second largest lender makes more than $517m in quarter, a fall of 0.4%
Al Rajhi Bank, Saudi Arabia's second-largest lender, posted a marginal drop of 0.4 percent in its second-quarter net profit, it said on Wednesday, beating analyst forecasts.
The bank made 1.94 billion riyals ($517.6 million) in the three months ending June 30, compared with 1.95 billion riyals in the same period a year earlier, it said in a bourse statement.
Eight analysts surveyed by Reuters on average expected the bank to post a net profit of 1.76 billion riyals for the quarter.
In a separate statement, the bank said its board had proposed a cash dividend for the first half of 2015 of 0.5 riyals per share. This is half the 1 riyal per share it paid for the same period last year, according to Thomson Reuters data.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.