Meeting the analyst’s expectations, Al-Rajhi Bank has posted a dip of 2.8% in the quarterly profit, as it had put in reserve cash for bad loans. Al-Rajhi is the biggest known lender of Saudi Arabia by market value. The average financing increased 6.2% to 117 billion Riyals, and the rise in the customer deposit was inclined 8% to 120 billion Riyals.

The total income of the bank in the three months to March declined to 1.68 billion Riyals i.e., 1.12 Riyals per share. It was 1.73 billion Riyals i.e., 1.15 riyals per share in the same period a year earlier. This was stated by the Riyadh-based bank on the Saudi bourse’s Web site today.

Also, the operating income experienced a jump of 3.4% to 2.83 billion Riyals. The bank also informed that the net financing income mounted 9.8% to 2.2 billion Riyals.

Due to economic downturn and crisis in the global credit, elevated provisions for bad loans and constricted lending had been marring earnings at Saudi banks. The decrease in quarterly incomes was also posted by Saudi British Bank and Saudi Hollandi Bank, ABN Amro Holding NV possesses some of it.