Mr. Abdullah Bin Sulaiman Al Rajhi, Chairman of the Board of Directors at Al Rajhi Bank announced that during the second quarter of 2016 the bank has achieved a net profit of SR 2,052 million, in comparison with SR 1,941 million in the same quarter of the previous year, this represents an increase of 5.7%. The reported net income increase was achieved despite the rise of provisioning expenses and in line with the conservative policy of the Bank. Also, gross profit for the first six months of 2016 is at SR 4,069 million, in comparison with SR 3,460 million for the same period in 2015; this represents an increase of 17.6%.
Total operating income increased by 10.3% due to the growth in banking services fees and special net income commission.
Mr. Al Rajhi added that these financial results reflected a rise in in total shareholders' equity reaching SR 49 billion, an overall increase of 11.2% and rise in total assets to SR 331 billion, an increase of 1.3%, while total financing assets amounted to SR 225 billion, an increase of 6.6%.
He continued to report customer balances have increased to SR 271 billion, an increase of 0.6%, while return on average assets and shareholders’ equity amounted to 2.52% and 17.01% respectively, while earnings per share stood at SR 2.5.
The Chairman of the Board of Directors continued his statement by expressing thanks to valued customers for their continuous loyalty and trust, and to the bank’s staff for their commendable efforts in achieving these excellent results. He further commended the staff for their volunteering spirit in the first six months of the year where 285 employees volunteered in five different programs carried out by the department of social responsibility.
During the first half of 2016, Al Rajhi Bank continued its growth and expansion providing its customers with high-level services through its vast network of branches across the Kingdom.
In the second quarter of 2016, Al Rajhi Bank received the Technology Innovation Award at “Cards and Payments Middle East 2016” held in Dubai. The award was granted to the Bank for its unique customer service platform “Asra’a”, a self-service kiosk introduced in 2015 to receive customer admiration that exceeded all expectations.