Al Rajhi Bank delivers SAR 10734 million in net profit for the first nine months of 2021

Al Rajhi Bank Chairman of the Board of Directors, Mr. Abdullah bin Sulaiman Al Rajhi announced that the bank achieved net profit in the third quarter of the year 2021 amounting to SAR 3,794 million, compared to SAR 2,658 million for the third quarter of last year, an increase of 43%. The bank’s net profit for the first nine months of the current year reached to SAR 10,734 million, compared to SAR 7,474 million for the same period last year, an increase of 44%.

The total operating income for the first nine months in 2021 increased by 26% compared to the same period of the previous year driven by the increase in net income from financing and investments, and brokerage fees. The bank continued to strengthen its conservative approach, which was positively reflected on the strength of its balance sheet resulted in the non-performing loans coverage ratio to reach 307%.

Mr. Al Rajhi added that shareholders’ equity increased by 16% to SAR 64 billion at the end of the first nine months of this year. Similarly, total assets reached to SAR 583 billion with an increase of 35% over the same period last year. The bank’s net financing reached SAR 421 billion with an increase of 45% over the same period last year.

The Chairman of the Board of Directors highlighted that customers’ deposits increased by 39% to reach SAR 478 billion at the end of the first nine months. Moreover, return on assets and return on shareholders' equity reached 2.72% and 23.6%, respectively, and the earnings per share stood at SAR 4.29 during the period.

Mr. Abdullah Al Rajhi thanked the bank's valued customers for their constant loyalty, trust, and interaction with the bank’s developments, especially in the field of digital banking and providing financing products that meet their needs. Mr. Al Rajhi also thanked the bank's employees for their efforts in achieving these outstanding results.

He pointed out that the bank received four awards from the “Sakani Forum” in the third quarter which is the largest number of awards among Saudi banks; the Best Bank Award, the Best Marketing Offer Award, the Best Financing Agency in the Real Estate Advisor, in addition to the Best Sales Representative Award in the Real Estate Sector. These awards highlighted the bank’s leadership position in the mortgage financing within the Kingdom and goes in line with the bank’s contribution to achieving the goals of Vision 2030.

Al Rajhi concluded his statement by mentioning the bank’s continued its social responsibility programs with a focus on qualitative and sustainable projects, as the bank announced a national community initiative this quarter to perform 91 kidney transplants for patients with renal failure at a cost of SAR 18 million for cases transferred from the Shifa platform of the Health Endowment Fund in line with the standards approved by the Saudi Center for Organ Transplantation.