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Big Saudi banks' combined Q2 net income rises YOY

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Big Saudi banks' combined Q2 net income rises YOY

The combined second quarter net income of the four largest banks in Saudi Arabia rose year over year to 7.70 billion riyals from 6.72 billion riyals, according to S&P Global Market Intelligence data.

National Commercial Bank, Al Rajhi Banking & Investment Corp. and Riyad Bank all reported year-over-year increases in their second quarter net profit, while Samba Financial Group's net profit for the period fell on a yearly basis.

The four banks' combined net interest income for the quarter was 11.30 billion riyals, up from 10.30 billion riyals in the year-ago period, while their combined net fees and commissions ticked up on a yearly basis to 2.15 billion riyals from 2.01 billion riyals.

The lenders also booked combined operating expenses of 4.77 billion riyals in the period, up from 4.54 billion riyals a year ago, while their combined asset write-downs rose year over year to 1.36 billion riyals from 1.01 billion riyals.

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As of Aug. 21, US$1 was equivalent to 3.75 Saudi Arabian riyals.