RIYADH: Saudi Arabia’s Al Rajhi Bank has reported a 19 percent profit surge to SR13 billion ($3 billion) in the first nine months of 2022, bolstered by a 13 percent surge in operating income.

Despite the announcement, Al Rajhi’s shares declined 0.23 percent to reach SR87.50 at the closing bell of Sunday.

The increase in operating income was fueled by higher financing and investment income, fees from banking services, and exchange income, the Kingdom’s most valued bank noted.

In response to the announcement, Al Rajhi’s shares rose 0.8 percent to reach SR88.30, as of 10:08 a.m. Saudi time.

That said, it noted that depreciation, higher salaries, and employee benefits weighed on costs during the nine-month period, contributing to a 3 percent rise in operating expenses.