Mr. Abdullah Bin Sulaiman AL Rajhi, the CEO of the AL Rajhi Bank, announced that the Bank has made net profits in the first half of the current year which mounted to 3344 millions Saudi Riyals compared to 3180 million Saudi Riyals for the same period of 2007 at 5% increase.
AL Rajhi said, the increase is attributed to the 12% increase in investments revenue and the 31% increase in the banking service revenues.
The CEO added that the bank continued growing its investment and banking resources taking the net investment revenues for the second quarter to 2140 millions Saudi Riyals compared to 1905 millions Saudi Riyals for the same period of last year (2007) with a 12% increase. The Banking services revenues in the same quarter by went up by 44% compared to the same period in 2007 taking them to 577 millions Saudi Riyals. Net profits for the second quarter were 1742 millions Saudi Riyals against 1610 millions Saudi Riyals for the same period in 2007 at an increase of 8%.
He noted that the financial results for the period ending 30/06/2008 compared with the same period last year were 4170 millions Saudi Riyals against 3728 millions Saudi Riyals at 12% increase. The net revenues of banking services were 1031 millions Saudi Riyals against 786 millions Saudi Riyals with an increase of 31%. Net income for the period 3344 millions Saudi Riyals compared to 3180 millions Saudi Riyals at 5% increase. Net income of operations was 5201 millions Saudi Riyals compared to 4514 millions Saudi Riyals with an increase of 15%.
AL Rajhi added that share holder rights moved up to reach 23.9 milliards Saudi Riyals compared to 22.4 milliards Saudi Riyals with an increase of 7%. Net assets jumped to 150.1 milliards Saudi Riyals against 124.7 milliards Saudi Riyals at an increase of 20%. Customer balances were 108.5 milliards Saudi Riyals against 90.5 milliards Saudi Riyals making 20% increase. The bank made a 4.9% return on assets and a 28% return on shareholder rights and a dividend of 2.23 Saudi Riyals compared to 2.12 Saudi Riyals.
The bank has declared earlier distribution of 1875 million Saudi Riyals as shareholder profits for the first half of the current year at 1.25 Saudi Riyals per share.
Al Rajhi indicated that the Bank continued its usual policies of increasing and strengthening its different reserves to support it financial position, and was able to diversify its revenue sources and to develop investment and corporate banking along expansion of its retail banking activities as a continuation to its increased focus on customers and responding to their needs via the quality of services and products provided to them.