Al Rajhi Bank’s second quarter profit rises 8% to 4,403 Million Riyals

Al Rajhi Bank’s chairman of board of directors, Mr. Abdullah Bin Sulaiman Al Rajhi declared that the bank recorded a profit of SAR 2,182 mn. in the second quarter of 2017 against a profit of SAR 2,052 mn. in the corresponding period of 2016, registering a growth of 6% per cent.

The total profits of the first six months of the current year now amounts to SAR 4,403 mn. compared to SAR 4,069 mn. for the first half of 2016, an increase of 8%.

Furthermore, the total operating income during the second quarter increased by 1% as a result of growth in banking services fees and special commissions.

Mr. Al Rajhi added that the financial results registered an increase of 9% in the shareholders' equity to reach SAR 53.6 billion, as well as an increase of 2% in the total assets to SAR 346 billion.

During the last quarter customer deposits increased by 5 % to SAR 285 billion, and the return on assets and shareholders' equity reached 2.6% and 16.7%, respectively.

Al Rajhi Bank’s chairman thanked the customers for their continued trust and patronage and employees for their efforts in achieving these outstanding results. He also praised the voluntary spirit of the bank's in implementing 35 social initiatives across Saudi Arabia. Al Rajhi Bank’s sterling performance for last seven quarters has been appreciated by industry publication like Euromoney and The Banker Middle East as both conferred it with the award for the best bank in Saudi Arabia for 2017.