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Wed 8 Jul 2015 05:28 PM

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Saudi's Al Rajhi posts marginal drop in Q2 net profit

Gulf kingdom's second largest lender makes more than $517m in quarter, a fall of 0.4%

Saudi's Al Rajhi posts marginal drop in Q2 net profit

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.

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