Al Rajhi Bank’s Q1 profit for the current year amounts to SR 2,011 million

11 April 2012

Mr. Suliman bin Abdul Aziz Azzabin, CEO of Al Rajhi Bank, announced that the Bank made SR 2,011 million in net profit during the first quarter of this year compared to the SR 1,899 million achieved in the previous quarter from last year. This constitutes a 6% increase thanks to the growth and variety of the Bank’s financial and investment products. Total operating income reached SR 3,427 million, pointing to an increase of 3% compared to the SR 3,323 million of the last quarter. As for financing and investment net profits, they increased by 1.5% to reach the amount of SR 2,328 million compared to the SR 2,294 million. Banking services revenues also rose by 23%, reaching SR 743 million in contrast to last quarter’s amount of SR 605 million.

Compared to the same quarter from last year, total operating income went up by 17%, achieving SR 491 million, while net income became SR 311 million to show a rise of 18%. Financing and investment revenues attained an increase of 4.2% to reach SR 95 million. Furthermore banking services revenues achieved an increase of 53.4% to SR 259 million.

Mr. Azzabin clarified that the Bank’s growth continued thanks to its successful investment and banking policy, which contributed to the increase in shareholders’ equity to SR 32.6 billion compared to the SR 29.8 billion of the same period last year, showing an increase of 9.5%. At the same time, total assets achieved SR 234 billion in contrast to SR 203 billion, which means it rose by 15%. The financing assets reached SR 152 billion, an increase of 22%. Customers’ accounts went up by 16%, achieving SR 186 billion compared to SR 160 billion. The Bank maintained leadership, which is reflected by the revenue of asset rate that increased by 3.5% and the increase of 24.3% seen in revenue on shareholders’ equity. As for single stock profit, it reached SR 1.34 in contrast to the SR 1.13 of the same period last year.

The CEO indicated that the Bank succeeded in diversifying the sources of revenues and developing both the investment and banking sectors. In addition, it gave extra attention to customers and responded to their needs by utilizing its large network of 474 local branches, 27 international branches and 3,090 sophisticated ATMs.

Al Rajhi Bank recently received the “Euromoney” Best Islamic Bank in the Middle East Award for 2011, the Best Saudi Banking Brand Award from “The Banker Finance,” and the Best Visual Award from “Pan Arab Banking Web Awards”. All these achievements demonstrate the success of the Bank’s Management.

Mr. Azzabin made the assurance that the Bank is determined to follow the same established approach and thriving strategies and that he and the employees appreciate the substantial efforts deployed by the President and Members of the Board. They also thank the former Chairman and CEO, Mr. Abdullah bin Sulaiman Al Rajhi, who resigned at the end of the first quarter of this year, for contributing to the current distinguished achievements.

In conclusion and on behalf of all the Board Members and Bank Management, the CEO thanked customers for their loyalty, and employees for the efforts that contributed to achieving such lucrative results.

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