Al Rajhi Bank, Saudi Arabia's largest listed lender, reported SAR 1,662 million net earnings for the third quarter of 2014, declining 3.2% year-on-year from SAR 1,717 million and 14.73% quarter-on-quarter from SAR 1,949 million.
The nine-month earnings netted SAR 5,316 million, dropping 9.76% from SAR 5,891 million in the same period of last year.
The earnings per share also decreased from SAR 3.63 to SAR 3.27.
The total assets rose 9.43% y/y from almost SAR 272,983 million to SAR 298,714 million.
The loans and advances portfolio stood at SAR 203,648 million, compared with SAR 185,447 million a year earlier, a rise of 9.81%.
The customer deposit also grew 10.87% y/y from SAR 225,518million to SAR 250,029 million.
The lender ascribed the decline in net earnings for Q3 and nine months y/y to the increase in total operating expenses.
Al Rajhi also attributed the decline in Q3 profit q/q to the decrease in total operating income.
“The earnings per share for the nine months ended on September 30, 2013 was recalculated to reflect the increase in the bank capital from 1.500 million shares to 1.625 million shares which was approved in the extraordinary general meeting on April 14, 2014,” the lender said.