Al Rajhi Bank posts SAR 4,104 million Net Income for the first half of 2012

14 July 2012

 

Suliman Bin Abdul Aziz Azzabin, CEO of Al Rajhi Bank, announced that the Bank achieved SAR 4,104 million net income for the first six months ending 30/06/2012, compared to SAR 3,543 million of the same period of previous year with an increase of 16%, which is a result of the growth and diversity of products in bank financing and investment. The total operating income for the first six months reached SAR 6,855 million against SAR 5,987 million for the same period of the previous year, an increase of 15%. In addition, the total Investment & Loans profit reached SAR 4,672 million compared to SAR 4,506 million with 4% increase, and the Banking services fees increased by 52% to reach SAR 1,563 million for the first six months of 2012, compared to SAR 1,030 million for the same period of the previous year.

For the second quarter of 2012 compare with the same quarter of the previous year, the total operational income increased by 12%, which is reflected with the SAR 377 million increases compared to previous year, and the total income increased by 14%, which represents SAR 250 million increases compared to previous year. Also, the total Investment & Loans profit increased in 2nd quarter by 3% (an increase of SAR 71 million) as well the Banking services fees which increased by 50% compare to the same quarter of previous year (SAR 275 million increased).

Mr. Azzabin pointed out that the Banks continuous growth is from the successful strategy, investment and banking services. Customer deposits reached SAR 35 billion against SAR 32 billion for the same period of previous year, an increase of 9%. The Bank’s total Assets reached SAR 238 billion against SAR 215 billion for the same period of the previous year, an increase of 11%.

He also pointed out that the Banks core activities have shown consistent growth which have positively contributed to the increase in the Banks profit, resulting in earnings per share for the first six months to be SAR 2.74 against SAR 2.36 for the same period of the previous year.

Based on the achieved results, the Banks Board of Directors has decided to distribute of dividends for the first half of 2012 of SAR 1,875 Million at 1.25 Riyal per share. The eligibility of the distribution of dividends will be for shareholders who are listed in the Bank's Shareholders Register by 26/8/1433H corresponding to 16/7/2012G.

The CEO noted that the bank has succeeded in diversifying sources of revenue and the development of sectors of investment and banking services, along with the growing interest in customers service and meet their needs through a wide network of bank branches, which currently stands at 459 branches in KSA and 27 branches abroad in addition to a sophisticated network of ATMs numbering at 3.182 ATM.

In conclusion, the Chief Executive of the bank stated his thanks on behalf of all members of the Board of Directors and management of the bank to bank customers for their loyalty as well to bank staff for their considerable efforts in achieving these excellent results.

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