Al Rajhi Bank profits SAR 7,524 million in 9 months an increase of 12.8%

The Chairman of the Board of Directors of Al Rajhi Bank, Mr. Abdullah Bin Sulaiman Al Rajhi, said that the Bank achieved profits in the third quarter of the current year 2018 SAR 2,573 million riyals, compared to SAR 2,265 million for the third quarter of the previous year, an increase of 13.6%.

The total profit for the first nine months of the current year is SAR 7,524 million compared to SAR 6,668 million for the same period last year, an increase of 12.8%

Total operating income for the first nine months increased by 9.5% compared to the same period of the previous year as a result of growth of net financing income and investments by 9.7%.

Al Rajhi Bank added that the financial results showed a rise in total assets to SAR 356,419 billion with an increase of 5.44%, as well as a rise in customer deposits to SAR 288,836 billion with an increase of 6.94%, while the total financing assets of the bank reaching SAR 234,427 billion, an increase of 0.53%.

The rate of return on assets and shareholders' equity became 2.87% and 18.63%, respectively, earnings per share during the period reached SAR 4.63.

The Chairman thanked the Bank's customers for their continued loyalty and confidence and the Bank's employees for their efforts in achieving these outstanding results. He pointed out that the Bank will continue to pay attention to the distinguished human resource according to a plan that includes several main objectives; a few of which include becoming the “Employer of Choice” and establishing the initiative "Living the Values" in all the activities of the bank.

These results confirm the strength of the bank's financial position and reflect the performance developments and continued growth and expansion of banking products and technologies, including electronic and alternative channels to provide high-level services to meet the expectations of customers.

The Chairman pointed out that the Bank is focusing on several areas in line with the vision of the Kingdom, for example focusing on the development of products and services of the SMEs sector and increasing the opportunities for young graduates in the Gradate Development Program. The Chairman also praised the spirit of the employees for their voluntary work, which is growing continuously. Volunteering hours reached 8630 hours during the first nine months of this year. The number of volunteers reached 1807 employees, and the total number of voluntary hours exceeded the combined hours of 2016-2017 which was 7403 hours.

It is also worth mentioning that during the third quarter of this year, Al Rajhi Bank won the Best Work Environment Award in the Gulf Region, presented by the Global Human Resources Council for the third time in a row.