With an increase of 17%, SAR 2,009 Million is Al Rajhi Bank's Profit in Q3 2016

20 October 2016

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Mr. Abdullah bin Sulaiman Al Rajhi, Chairman of Al Rajhi Bank's Board of Directors, announced that the Bank achieved in the third quarter of this year 2016 profits of SAR 2,009 Million compared to SAR 1,721 Million for same quarter last year (such increase was achieved in the net income despite of increasing the expenses of allocations in line with the conservative policy of the Bank).

Thus, the total profit of the first nine months of this year amounts SAR 6,079 million compared to SAR 5,181 million for the same period last year 2015 with an increase of 17.3%.

During the third quarter, the total operating income grew by 21% because of growing the banking services' fees and the net special commission income.

He added that the financial results showed that the shareholders' equity saw a growth of SAR 50 billion with an increase of 11%, as well as the assets grew by SAR 331 billion with an increase of 1.63%; while the financing assets of the Bank were SAR 226 billion which is an increase of 8%.

Al Rajhi explained that the deposit base grew up to SAR 273 billion by an increase of 0.4%, as well as the rate of return on assets and shareholders' equity was 2.51% and 16.81%; respectively, and the dividend yield during the period became SAR 3.74.

The Chairman gave thanks to the Bank's honorable customers for their lasting loyalty and trust and to the Bank's staff for their considerable efforts in achieving such outstanding results.

Al Rajhi pointed to the Bank's activities in the social responsibility during this period, as the Bank implemented many programs that include paying all the expenses and procedures of Hajj for the number of 15 orphans and 15 blind persons; Orphans' Congratulatory Program, through which an educational and entertaining program has been designed for more than 25 orphans; Back To School Program, through which the number of 1000 school bags have been distributed with all school supplies for orphans; as well as a program for cleaning up the beaches of the seafront in Al Khobar City, as one of the environmental programs to which the Bank gives due care and concern.

As well, the Bank borne all the costs of refurnishing the "Specialist's Hostels", affiliated to King Faisal Specialist Hospital, which serve the patients and their companions; as well as, the sponsorship of 150 orphans for a whole year in Najran Orphan's Care Society (Rufaqaa); and assuming all the costs of rehabilitating the therapy lounge, main kitchen and dining hall in Riyadh Comprehensive Rehabilitation Center for men. Noting that the number of employees who are voluntarily participated in implementing these programs reached to 73 employees, carrying out 135 volunteer hours.

During the third quarter 2016, Al Rajhi Bank continued the growth and expansion at all levels to provide high-level services to its customers through its network of offices covering all around the Kingdom and considered as the largest in the Region.

The third quarter 2016 experienced the launch of the first branch within the concept of "Al Rajhi New Planet", integrating between two models of branches, firstly launched by Al Rajhi Bank, which are "Al Rajhi Silah" and e-Branch.

During the third quarter, Al Rajhi Bank also launched, in collaboration with the Real Estate Development Fund, the Accelerated Finance Program, to be the first bank in the Kingdom. The program intends for the citizens, who are still on the waiting lists of the real estate loans from the Fund, as well as contributing to the immediate finance of the finished residential units. ​

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