Al-Rajhi Bank's Q3 profit rises 2.2pct

Saudi-based Al-Rajhi Bank, the Gulf's biggest Islamic lender by market value, posted a 2.2 per cent rise in third-quarter earnings after booking higher provisions. Quarterly net profit was 1.795 billion riyals ($478.7 million) compared to 1.76bn riyals in the same period a year ago, the bank said in a statement on Saturday.

The third-quarter net profit came below analysts' expectations. The 2.2 per cent increase stemmed from "an increase in deposits and the diversification of the bank's financial and investment products ... The bank carried on its conservative policy by increasing its provisions". The bank did not elaborate.