RIYADH: Al Rajhi Bank’s shares closed lower on Sunday, coming as a surprise to analysts after posting a higher profit of SR8.4 billion ($2.2 billion) for the first half of 2022.

Shares of the bank were down 0.78 percent to SR88.9 at the closing bell of the session, adding to a 0.22 percent loss earlier in the day.

This happened hours after it announced a 21 percent profit surge from SR6.9 billion in the same period last year, bolstered by a 15 percent jump in operating income.

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

That said, it noted that depreciation, higher salaries, and employee benefits weighed on costs during the six-month period, leading to a 4.5 percent rise in operating expenses.

Al Rajhi Bank’s impairment charges for financing went down slightly from SR1.161 billion to SR1.159 billion.