With an increase of 33% Al Rajhi Bank’s net profit jumps to 2.017bn in Q1

Mr. Abdullah Bin Sulaiman Al Rajhi, Chairman of the Board of Director’s at Al Rajhi Bank announced that during the first quarter of 2016, bank achieved a net profit of SR 2,017 million, in comparison with SR 1,519 million in the same quarter of the previous year – an increase of 33%.

He further added that the financial results reported an increase of 12% in total shareholders' equity to SR 47 billion and rise in total assets to SR 323 billion while total financing and investing assets increased by 5% to SR 258 billion.

Mr. Al Rajhi stated that customer balances reached SR 265 billion, while return on average assets and shareholders equity amounted to 3% and 17% respectively, while earnings per share stood at SR 1.24.

He concluded his statement by expressing thanks to valued customers for their loyalty and to the bank’s staff for their commendable efforts in achieving these excellent results.

During the first quarter, the bank continued its distribution network growth to deliver better quality services to its customers through an inclusive branches network, covering all corners of the Kingdom and maintaining its lead in the region as the largest network of bank branches. During this period the bank added 6 branches, 54 ATMs, 43 Kiosks, 4378 POS machines and 6 Tahweel Centers were further added to arguably the largest retail banking network in the Kingdom of Saudi Arabia.