Al Rajhi Bank Reports SAR 7,438 Million Profits of 2013

20 January 2014

Al Rajhi Bank Reports SAR 7,438 Million Profits of 2013

Mr. Suliman bin Abdulaziz Azzabin, CEO of Al Rajhi Bank, announced the bank had made a net profit amounting to 7,438 million riyals during the year 2013.

According to the chief executive, in 2013, the bank achieved total operating income of SAR 14,114 million; and finance and investments net profits of SAR 9,649 million compared to the SAR 9,340 million in the same quarter the previous year i.e. an increase of 3% (SAR 308 million). The report also indicated a 4% increase in net funding and investment revenues amounting to SAR 95 million.

Mr. Azzabin continued to report that the bank’s continuous growth was based on its successful investment and banking strategy with total shareholders' equity reaching SAR 38.4 billion, compared to the SAR 36.4 billion of the same period last year, an overall increase of 5%. On the other hand, total assets reached SAR 279 billion, an increase of 4.6% compared to SAR 267 billion riyals, while the bank’s financial assets increased by 8.6% reaching SAR186 billion. Customer deposits also increased 4.6% amounting to SAR 231 billion, compared to SAR 221 billion in the same period last year. Furthermore, the bank achieved a return on assets of rate amounting to 3% and a return on equity of 20%, and profits per share of 4.96 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 500 internal and 28 international branches, in addition to a sophisticated network of 3644 automated teller machines (ATMs).

Mr. Azzabin, CEO of the bank concluded his statement with 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.

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