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.