With a 21.6% Increase Over Last Year
AL RAJHI BANK ACHIEVES SR 1,732 MILLION PROFIT IN THE FIRST QUARTER OF 2009
Al Rajhi Bank CEO, Mr. Abdullah Sulaiman Al Rajhi announced the financial results of the first quarter of 2009 where the Bank achieved SR 1,732 million in net profits compared to last year’s net profits which were at SR 1,424 representing an increase of 21.6%.
Al Rajhi noted that the Bank continued developing its financial and investment resources where first quarter profits this year increased by 8.1% compared to the first quarter of 2008. Net income for investments in the first quarter reached SR 2,284 million compared to SR 2,030 during the same period last year representing an increase of 12.5%. Revenues for financial services during the same quarter reached SR 456 million and the total operational income jumped to SR 2,740 million compared to SR 2,485 during the same period last year representing an increase of 10.3%.
Al Rajhi indicted that the Bank reinforced its financial position increasing shareholder rights to reach 26 billion compared to 24 billion last year, an increase of 6.6%. Total assets increased to SR 162 billion compared to SR 143 billion an increase of 13.4%. Customer deposits reached SR 120 billion compared to SR 101 billion an increase of 18.2%. The Bank achieved a return on assets of 4.2% while the return on shareholder rights reached 26.3%. Profits per share reached SR 1.15 compared to SR 1.07 last year.
Al Rajhi Bank CEO attributed the increase in profits due to the diversification of the financing and investment portfolio especially for corporate customers which in return led to the increase in revenues by 12.5% during the first quarter.