2,654 Million Riyals in profit for Al Rajhi Bank before Zakat in the first quarter of the year 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.