May 13, 2020
Al Rajhi Bank Chairman of the Board of Directors, Mr. Abdullah bin Sulaiman Al Rajhi announced that the bank made profits before Zakat, in the first quarter of the year 2020, that have reached 2,654 Million Riyals, as opposed to last year’s first quarter, which amounted to 2,848 Million Riyals. Profits made in the first quarter of the current year 2020 after Zakat have reached 2,380 Million Riyals, as opposed to 2,568 Million Riyals made in last year’s first quarter. The operating income increased by 7% during the first quarter, reaching 4,968 Million Riyals, as a result of a growth in the net special commission income and administrative fees.
Mr. Al Rajhi clarified that financial results showed an increase in total assets, rounding up to 392 Billion Riyals with an increase of 7.9%. Customer balances also increased by 7.5% and reached 316 Billion Riyals. The average return of assets and shareholders’ equity amounted to 2.49% and 18.36% respectively, as earnings per share during the first quarter stood at SR 0.95.
The Chairman of the Board of Directors thanked the bank’s customers and employees for their ongoing efforts during this exceptional time, where they all contributed to the implementation of precautionary and preventive measures required, confirming their level of awareness, responsibility and willingness to support the government’s tremendous and much-appreciated efforts in containing the pandemic that took over the world.
Mr. Abdullah Al Rajhi said that the bank succeeded in securing, configuring and distributing all the required technology to successfully transform the bank into a business continuity model for emergencies, where a large number of employees worked from home, taking social distancing measures, while basic roles pertaining to the bank’s systems and customer service were met as usual.
Mr. Al Rajhi also stressed on the bank’s contributions to all initiatives adopted by the government of the Custodian of the Two Holy Mosques with an aim to reduce repercussions on individuals, organizations, and small and medium enterprises (SMEs) in particular; for which many fees were waivered, payments were postponed, financing guarantee support programs were applied, SME settlements were rescheduled, and financing for the private sector through restructuring was put in place; all in collaboration with the Saudi Arabian Monetary Agency.
Due to the Covid-19 pandemic, Al Rajhi Bank offered its direct support to a number of initiatives as part of its social responsibility programs. The bank donated 25 Million Riyals in favor of the Endowment Health Fund to fight the virus; 9.1 Million Riyals to the “Watan Al Ataa’“ initiative to deliver food and medicine through the Ministry of Human Resources and Social Development; and 15.514 Million Riyals to support the Community Fund initiative with the Ministry of Human Resources and Social Development, as well as the General Authority of Endowments, to relieve the community of this pandemic. The bank has also given healthcare personnel a grace period of 3 months on their next settlements.
May 12, 2020
Al Rajhi Bank is pleased to announce that Tahweel Al Rajhi, the local and international remittance leader in Saudi Arabia, has entered into a strategic partnership with MoneyGram a global leader in cross-border P2P payments and money transfers.
The Bank stated that to meet Al Rajhi bank strategy "The Future Bank", the bank will always provide value to the customers in the highest quality, secure, affordable and fastest way with the most advanced banking services, which will result in a unique experience for the customers. In addition, the bank provides 10 different channels, including digital channels, which are the most advanced in the region.
Al Rajhi Bank believes that the partnership with MoneyGram will increase the service standards and provide user-friendly innovative options in serving customers. Regarding the new partnership, the bank said "we always try to exceed customer expectation by offering them an enhanced value proposition, this time for money transfers to more than 200 countries around the world". This partnership will be a new added value for Tahweel Al Rajhi’s esteemed customers, in addition to the free insurance on each remittance throughout the 10 channels that is available to the customers in the best quality, secure and affordable way.
MoneyGram was founded in 1998 and is the second biggest service provider for money transfer across the world. MoneyGram provides to its customers the latest technology in money transfer in the most secure way. Today, MoneyGram provide its services through 350 thousand agent and in more than 200 countries internationally collaborating with the world's leading brands.
February 12, 2020
Al Rajhi Bank Chairman of the Board of Directors, Mr. Abdullah bin Sulaiman Al Rajhi announced that the bank made profits before Zakat in 2019, that have reached 11,326 Million Riyal, as opposed to 10,136 Million Riyal in 2018, with an increase of 11.7%. Al Rajhi Bank also made profits after Zakat in 2019 that amounted to 10,159 Million Riyal, as opposed to 3,768 Million Riyal made in 2018, rounding up to an increase of 169.6%.
Thus, the total profit of the year increased by 12.5% as a result of the increase in net special commission income, investment, bank transaction fees, foreign currency exchange and income from other operations.
Mr. Al Rajhi added that financial results for the year 2019 showed an increase in total assets reaching 384,086 Million Riyal with 5.5% increase. Total financing assets of the bank reached 249,683 Million Riyal with an increase of 7.7%. Customer balances also reached 312,405 Million Riyal with a 6.3% increase.
He also clarified that the average return of assets and shareholders’ equity amounted to 2.76% and 20.49% respectively. The defaulted financing ratio reached more than 300% with a decrease of 6% in 2019.
The Chairman of the Board of Directors thanked the bank’s customers for their ongoing loyalty and trust in the bank’s products and services, as well as their positive interaction with the bank’s digital developments whereby it collaborated with its customers and achieved digital improvements as well as increased customer participation in the development and design of future digital banking services within the "Bank of the Future" strategy adopted by Al Rajhi Bank through remarkable executive decisions. The chairman also praised the bank's male and female employees for their efforts in achieving these results.
Al Rajhi showcased some of the bank’s most important achievements made last year including Al Rajhi Bank’s Leadership Academy located at their headquarters as a new step in the rehabilitation of Saudi banking cadres and the enhancement of leadership capacity; an essential part of Al Rajhi Bank’s strategy, and a key driver to achieve developing Saudi talents’ expectations for them to assume greater responsibilities in the future.
The Chairman of the Board of Directors concluded by stressing on the bank’s social role, as it continues to implement many programs related to social responsibility, with a total of 94 social initiatives organized in 2019 across 29 cities and governorates in the Kingdom, a total of 3191 male and female volunteers from the bank and 16265 volunteering hours.