With a growth rate of 39% from the previous year

With a growth rate of 39% from the previous year:

Abdullah alrajhi: alrajhi bank recorded a net income of SAR 14,746 million in 2021

Mr. Abdullah bin Sulaiman alrajhi, Chairman of the Board of Directors of Al Rajhi Bank, announced that the bank achieved a net income amounting to SAR 14,746 million in 2021, compared to a net income of SAR 10,596 million in the previous year 2020, an increase of 39%. Al Rajhi explained that financial results for the period ending on 31/12/2021 compared to the period ending on 31/12/2020 showed that the total operating income amounted to SAR 25,716 million, compared to SAR 20,721 million, an increase of 24%. Meanwhile, the net financing and investment income amounted to SAR 20,392 million, compared to the previous year of SAR 16,913 million, an increase of 21%. Additionally, fees from banking services amounted to SAR 3,933 million, compared to SAR 2,660 million, an increase of 48%. Al Rajhi added that the bank, through its prudent risk management, have increased the provisions against the financing portfolio by more than 23% compared to the previous year, which reflected positively on the strength of the bank's financial position, as the non-performing loans coverage ratio reached to more than 306%. Al Rajhi stated the bank continued to develop its investment and banking resources alike, as the total operating income for the fourth quarter amounted to SAR 6,855 million, compared to SAR 5,794 million during the same quarter of the previous year, an increase of 18%. The net financing and investment income amounted to SAR 5,355 million, comparing to SAR 4,638 million, an increase of 15%, and fees from banking services amounted to SAR 1,114 million, an increase of 29% compared to SAR 864 million in the fourth quarter of 2020 as a result of the rise in brokerage and payments activities. The net income after zakat for the fourth quarter amounted to SAR 4,012 million, compared to SAR 3,121 million for the same period last year, an increase of 29%. Al Rajhi explained that shareholders’ equity rose to SAR 67 billion, compared to SAR 58 billion last year, an increase of 16%. Moreover, total assets rose to SAR 624 billion, compared to SAR 469 billion last year, an increase of 33%. The bank's financing portfolio amounted to SAR 453 million, an increase of 43% compared to last year of SAR 316 billion. Customer deposits amounted to SAR 512 billion, compared to SAR 383 billion last year, showing an increase of 34%. The bank achieved a return on average assets of 2.7%, while the return on average shareholders' equity was 23.9%, and earnings per share amounted to SAR 5.9. Al Rajhi highlighted some of the bank’s most important achievements throughout the year, as the bank won 12 local and international awards in 2021, including seven awards in the field of Housing and Real Estate Financing during the first and third quarters, confirming the bank’s leadership in achieving the goals of Vision 2030 in the field of Housing. In addition, four awards of excellence from Global Banking & Finance during the second quarter, and the first place award in Investor Relations as part of the Saudi Capital Market Awards. In terms of social responsibility and volunteering, the bank exceeded the volunteer target during the year 2021, as the number of male and female volunteers reached 3,663 and the number of volunteering hours reached 18,315. 2021 witnessed the launch of Al Rajhi Bank’s new identity under the name “unbank the bank” to go beyond being a bank focused on providing banking products to a financial ecosystem led by its competent employees as financial advisors who design innovative and smart financial solutions. The new identity will reflect the bank’s new strategy to become “unthinkable”, allowing it to build the best financial solutions and technologies for ambitious and innovative customers.