Mr. Suleiman Abdul-Aziz Azzabin, CEO of Al Rajhi Bank, announced the bank had made a net profit of SAR 6.84 billion during the year 2014.
According to the chief executive, in 2014, the bank achieved total operating income of SAR 13,667 million; and finance and investments net profits of SAR 9,817 million compared to the SAR 9,649 million in the same quarter of the previous year i.e. an increase of 2% (SAR 168 million). The report also indicated a 6% increase in net funding and investment revenues amounting to SAR 141 million.
The CEO continued to report that the bank’s continuous growth was based on its successful investment and banking strategy with total shareholders' equity reaching SAR 42 billion, compared to the SAR 38 billion of the same period last year, an overall increase of 10.5%. On the other hand, total assets reached SAR 308 billion, compared to SAR 280 billion riyals of the same period one year earlier by an increase of 10%, while the bank’s net financial assets increased by 10% reaching SAR 206 billion. Customer deposits also increased 10% amounting to SAR 256 billion, compared to SAR 232 billion in the same period last year. Furthermore, the bank achieved a return on assets of rate amounting to 2.3 % and a return on equity of 17%, and profits per share of 4.21 riyals.
Al Rajhi CEO also pointed out that the bank had succeeded in diversifying revenue sources and developing the investment and banking services sectors, along with growing attention on customers and their needs through a wide network of bank branches reaching 522 internal and 30 international branches, in addition to a sophisticated network of 3.997 automated teller machines (ATMs).
Mr. Azzabin, concluded his statement with extending thanks on behalf of all Board of Directors members and the bank’s management to the bank's valued customers for their loyalty and the bank’s staff for their considerable efforts in achieving these outstanding results.