Al Rajhi Bank announced its second quarter profits of the current year which amounted to SR 1,941 Million, compared toSR 1,519 Million reached in the first quarter of the same year - an increase of 28%. The bank has achieved a growth in Total Operational Income by 3%, as a result of the financing and investment portfolio expansion. The Bank has carried out anumber of projects and initiatives to raise work efficiency thus reflecting positively on the quarter’s financial results as expenses compared to income dropped from 40% in the first quarter to 32% in the second quarter of this year.
The Bank further explained that the financial results increased Shareholders' Equity to SR 44 Billion at an increase of 8%. In addition, there was an increase in Total Assets accumulating toSR 327 Billion an increase of 11%. The Bank’s Total Financing and Investment assets reached SR 271 Billion - an increase of 11%. Moreover, Customer Account Balances grew to SR 267 Billion - an increase of 9%, and ROI was at 2.2%, a 0.3% decrease from the same period of the previous year. In terms of Shareholders’ Equity, the bank achieved a return of 16.3%compared to 18.7% from the same period the previous year, while Earnings per Share rose up to SR 2.13.
For the second quarter, the Bank reported on the implementation of several new customer service centric projects and initiatives, in addition to realizing their aspirations, especially in electronic banking, and the expansion of its network – reaching 559 branches, and 4,050 ATMs making Al Rajhi Bank the largest network of branches and ATM machines, covering all regions of the Kingdom.
The Bank concluded its report by thanking its valued customersfor their loyalty and the bank employees for their considerable efforts in achieving these outstanding results.