Al-Rajhi Bank’s profits reach 3,335 million Saudi Riyals in 2021’s first quarter

Abdullah bin Sulaiman Al-Rajhi, Chairman of the Board of Directors of Al-Rajhi Bank, announced that the bank achieved profits in the first quarter of the current year 2021 before zakat amounting to 3,335 million riyals, compared with 2,380 million riyals for the first quarter of the previous year, with an increase of 40% . The total operating income during the first quarter increased by about 20% to reach 5,948 million riyals due to the growth in net income of special commissions and administrative fee. Al-Rajhi added that the bank, in support of its conservative financial policy and to avoid any potential effects of the Corona pandemic, has set aside additional financial allocations, which reflected positively on the strength of the bank's financial position, as the non-performing loan coverage ratio reached more than 318%.

Al-Rajhi explained that the financial results showed that shareholders' equity rose to 59.2 billion riyals compared to 49.6 billion riyals, an increase of 19%, and the total assets increased to reach 512.2 billion riyals, an increase of about 31%. Customer deposits by about 34% to reach 421.3 billion riyals. The rate of return on assets and shareholders' equity increased to reach 2.8% and 22.4%, respectively, and earnings per share during the period became 1.33 riyals.

Mr. Abdullah Al-Rajhi thanked the bank’s clients for their consistent loyalty, confidence and interaction with the developments accomplished by the bank, especially in the field of digital banking and the provision of financing products that meet their needs. He also thanked the bank’s employees for their efforts in achieving these distinguished results in light of the challenges that have risen upon everyone and the prevailing of the pandemic that has affected most sectors in various fields. He also praised the government initiatives presented by the Saudi Central Bank to support the private sector, especially the small and medium-sized enterprises, which has been affected by the measures that resulted from the emerging coronavirus pandemic.

Al-Rajhi said that during the first quarter, the bank achieved 3 awards related to the bank’s contribution to the housing sector, as it won the award for best bank in terms of the number of financing contracts signed in the first quarter, the award for the most number of financing contracts signed during the total and partial ban, and the award for best financing agency in the application of the real estate advisor. The bank also won the first place award for the best investor relations program within the Saudi Stock Market Awards. The bank’s achievement of these awards confirms the bank’s commitment to participate in the fulfillment of the Kingdom’s 2030 vision through various initiatives.

The first agreement with the Association for Children with Disabilities stipulated that the bank would undertake the development and rebuilding of the integrated clinic while bearing the operating costs of the clinic for a full year, with a total value of 1,496,000 Saudi riyals. While the second agreement with King Faisal Specialist Hospital & Research Center pledged that the bank arranges to purchase and equip two blood donation vehicles worth 6 million Saudi riyals