Al Rajhi Bank net profit rises to SR 2.123m in Q2 of this year

17 July 2013

Mr. Suliman Al Zaben, C.E.O of Al Rajhi Bank announced that the bank has made SR 2.123m net profit in Q2 of this year, compared with SR2.052m in the same period the quarter earlier with a 3.5 percent rise.

According to Mr. Al Zaben, the bank during the six months of this year has made a net profit reached SR 4,174m compared to SR 4,104m for the same period of last year, with an increase of 1.7% as a result of the growth and diversity of Al Rajhi Bank’s finance and investment products, as operational income rose 2.7 percent to SR7,041m compared to SR 6,855m for the same period, while net income from finance and investments rose 3.4 percent to SR4,754m compared to SR4,600m a year earlier.

Compared with the same quarter of last year, total operational income rose 2.5 percent to SR 87 million, and net income increased 1.4 percent to SR 30 million, also the net income from finance and investments rose 4.6 percent to SR 104 million.

The C.E.O of Al Rajhi Bank stated that the bank continued to grow through a successful banking & investments policies where it reached SR 37.4 billion total shareholders' equity compared to SR 34.7 billion in the same period last year with an increase of 8%, also the total assets increased to SR 273 billion compared to SR 238 billion with an increase of 15%, while the total assets of the bank finance has reached SR 185 billion with an increase of 17%, also customer balances amounted to SR 224 billion compared to SR 191 billion with an increase of 17%. This has kept the bank on top by achieving a return on average assets amounted to 3% and a return on equity of 23%, with earnings per share reached SR 2.78 compared to SR 2.74 for the same period of the last year. Based on these good results, the board of directors has decided to distribute SR 2,250 million to shareholders, which represents SR 1.5 per share to be eligible dividends to shareholders registered records of the bank at the end date of 14/07/2012, 06/09/1434 AH.

Mr. Al Zaben also pointed that the bank has succeeded in diversifying sources of income and develop investment and banking services sectors along with a growing interest to customers and meet their needs through an

extensive network of bank branches reached 488 branches internally and 28 branches abroad in addition to sophisticated network of ATM machines amounted to 3441 ATM.

The C.E.O concluded his statement by thanking on behalf of the members of the board of directors and management to valued bank customers for their loyalty and bank staff for their considerable efforts in achieving these excellent results

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