Mr. Abdullah Bin Sulaiman Al Rajhi, Chairman of the Board of Directors at Al Rajhi Bank announced that in 2017 the bank had achieved a net profit of SR 9,121 million, in comparison with SR 8,126 million of the previous year, with an increase of 12.2 %.
Total operations income during the year increased by 3.7% as a result of higher net commission income and investment, and operating expenses decreased by 6%.
He added that the financial results of 2017 reported an increase in total shareholders' equity reaching SR 56 billion, an overall increase of 7.3% from the year ending 2016 and rise in total assets to SR 343 billion, an increase of 1%, while total financing and investing assets amounted to SR 234 billion, an increase of 3.8%.
Mr. Al Rajhi stated that customer balances reached SR 273 billion, an increase of 0.2%, while return on average assets and shareholders’ equity amounted to 2.7% and 17.2% respectively, while earnings per share during the year stood at SR 5.61.
The Chairman of the Board of Directors continued his statement by expressing thanks to the valued customers for their loyalty and to the bank’s staff for their commendable efforts in achieving these excellent results.
Al Rajhi also reported that the Bank continued to achieve successfully strategic objectives for employees in line with the Bank's strategy for 2020. In 2017, Al Rajhi Bank provided around 65,000 training days covering governance, technology, leadership and management. It also applied talent assessment tools for both general administration and branch employees to identify talent and build career growth plans.
In addition to executing market leadership programs like the graduate development program to build future bank leaders. For the years 2016/2017, the bank received recognition and rewarded as one of the best working environments in the Gulf.
The Chairman of the Board of directors’ report also included the various social responsibility programs implemented by the Bank, which reached 101 social initiatives in 2017 executed in 21 cities and governorates in the Kingdom. All initiatives included employee voluntary participation in all cities, 1,634 employees (1,269 men & 365 women) recorded 5.753 hours of volunteer work during the whole year.
Al Rajhi Bank has the largest network of branches as 590 locations cover the Kingdom including 153 Ladies branches/sections, in addition to 233 Tahweel centers. It also has the largest ATM network with more than 4,800 ATMs, and more than 74,000 point-of-sale (POS) devices. The Bank was first to introduce self-service Kiosks in the Kingdom, which have now reached more than 150 kiosks and first to launch the e-branch plus an array of electronic channels (online and smart phones).