⁍ Al Rajhi Bank reported a 3% drop in third-quarter net profit on Sunday.

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⁍ The bank made 2.66 billion riyals ($709.28 million) in the three months to Sept. 30.

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⁍ Analysts had forecast a net profit of 2.39 billion riyals, according to Refinitiv data.

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– Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets, reported a 3% drop in third-quarter net profit on Sunday, but beat analysts’ forecasts. The bank made 2.66 billion riyals ($709.28 million) in the three months to Sept. 30, down from 2.74 billion riyals in the same period a year earlier, it said in a bourse statement. Analysts had forecast a net profit of 2.39 billion riyals, per Reuters. Al Rajhi said an increase in expenses as a result of a rise in salaries and employee-related benefits, along with general and other administrative expenses, led to its weaker performance in the third quarter.