8,896 Million Riyals in profit for Al Rajhi Bank in 9 months before Zakat


Al Rajhi Bank Chairman of the Board of Directors, Mr. Abdullah bin Sulaiman Al Rajhi announced that the bank made profits, in the third quarter of the year 2019, that have reached 3,144 Million Riyal, as opposed to 2,573 Million Riyal of last year’s third quarter, with an increase of 2.22%. Al Rajhi Bank also made profits after Zakat in the third quarter of the current year 2019 that amounted to 2,829 Million Riyal, as opposed to 2,516 Million Riyal made in last year’s third quarter, rounding up to an increase of 12.5%.

Thus, the total profit for the first nine months of the current year before Zakat rounds up to 8,896 Million Riyal compared to 7,524 Million Riyals for the same period in the year 2018 with an increase of 18.2%. The total profit made in the first nine months of the current year after Zakat is 8,006 Million Riyal, as opposed to that of the same period in the year 2018, which rounded up to 7,296 Million Riyal, with an increase of 9.7%.

The total operating income for the first nine months has increased by 13.0% as opposed to the first nine months of the year 2018, a result of a growth in the net financing and investment income by 13.9%.

Mr. Al Rajhi added that financial results showed an increase in total assets reaching 368 Billion Riyal with 3.57% increase. Customer balances also increased by 3.45%, reaching 299 Billion, while total assets of the bank amounted to 245 Billion Riyal with a 5.41% increase.

The average return of assets and shareholders’ equity amounted to 3.24% and 24.27% respectively, as earnings per share during the same period stood at SR 3.20.

Mr. Al Rajhi stated that these results confirm the bank’s strong financial position and reflect its performance developments; continuous growth and expansion in products and banking technology including electronic and alternative channels; as well as digital banking excellence.

The Chairman of the Board of Directors thanked the bank’s customers for their ongoing loyalty and trust in the bank’s employees, whose efforts helped the bank achieve these exceptional results, hinting at the bank’s continuous attention to the outstanding human resource received from both men and women, praising the bank’s employees for their volunteer work, constantly growing in line with the Saudi Vision 2030. Volunteer hours until the end of this third quarter increased by 23% compared to last year’s, and therefore amounted to 10615 hours. A total of 2123 volunteers participated in various programs implemented in a number of regions and governates around the Kingdom, as opposed to the same time last year, which amounted to 1807 volunteers.

It is also important to note that Al Rajhi Bank added 6 certificates and awards of appreciation to its international and local record throughout this third quarter, including two 2019 Euromoney Magazine Cash Management Survey Awards; one for Best Cash Management Bank and the other for Best Cash Management Service Provider; in addition to gathering 4 awards from the Middle East Investor Relations Association (MIRA), one of which was the Grand Prize as the best investor relations company in the Middle East.