Al Rajhi Bank makes 5,370 Million Riyals of profits in the first half of the year 2020 before Zakat

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 second quarter of the year 2020, that have reached 2,716 Million Riyals, as opposed to this year’s first quarter, which amounted to 2,654 Million Riyals i.e. an increase of 2.3%. That being said, the bank’s total profits for the first six months of the current year before Zakat have amounted to 5,370 Million Riyals. The operating income of the first six months has increased by 2.9% compared to the first half of the year 2019 as a result of a high net income from financing and investments.

Mr. Al Rajhi added that the shareholders’ equity increased by 4%, reaching 52 Billion Riyals by the end of the first six months. Similarly, total assets improved and reached 418 Billion Riyals with an increase of 13% over last year’s same period. The bank’s total financing assets amounted to 275 Billion Riyals with an increase of 15%. Mr. Al Rajhi clarified that customer balances increase by 11% with a total of 335 Billion Riyals at the end of the first six months, as the rate of return on assets and shareholders' equity reached 2.46% and 18.78%, respectively, and the earnings per share during the period after Zakat stood at SR 1.93.

Mr. Abdullah Al Rajhi thanked the bank’s esteemed customers for their ongoing trust, loyalty and interaction with its developments, especially those pertaining to the digital banking sector, and with the provision of financing products that meet their needs. Mr. Al Rajhi also thanked the bank’s employees for their efforts in achieving these distinguished results in light of the current challenges and pandemic that has affected everyone around the world and the country as well as sectors across various fields. He also praised the governmental initiatives presented by the Saudi Arabian Monetary Agency to support the private sector, especially the sector of small and medium enterprises affected by the measures that resulted from the emerging Coronavirus pandemic. He explained that during the second quarter, the bank continued to implement precautionary and preventive measures in all its establishments and branches, and was keen to protect its employees and customers as well as support government efforts in this field.