Saudi's Rajhi Bank Q2 profit rises 1.7 pct

RIYADH, July 14 (Reuters) - Saudi-based Al Rajhi Bank 1120.SE, the Gulf's largest lender by market value, said second-quarter profit rose 1.7 percent.

Rajhi made a net profit of 1.771 billion riyals in ($472.3 million) in the three months ending June 30, 2009 against 1.74 billion riyals in the year-earlier period, it said in a statement on the Saudi bourse website.

It also said it would pay a dividend of 1.25 riyals for the first-half. (Reporting by Ulf Laessing and Asma Alsharif; Editing by sue Thomas) ($1=3.750 Saudi Arabian Riyal)