With a 10% Increase Al Rajhi Bank Profits SR 2,221 Million in 1st Quarter

17 April 2017


Mr. Abdullah Bin Sulaiman Al Rajhi, Chairman of the Board of Directors at Al Rajhi Bank announced that during the first quarter of 2017 the bank had achieved a net profit of SR 2,221 million, in comparison with SR 2,017 million in the same quarter of the previous year, with an increase of 10%.

Total operating income during the first quarter increased by 4% as a result of the growth of net special commission income.

He added that the financial results reported an increase in total shareholders' equity reaching SR 51 billion, an overall increase of 9% and rise in total assets to SR 337 billion, an increase of 4%, while total financing and investing assets amounted to SR 229 billion, an increase of 6%.

Mr. Abdullah Al Rajhi stated that customer balances reached SR 271 billion, an increase of 2%, while return on average assets and shareholders’ equity amounted to 2.6% and 17.2% respectively, while earnings per share stood at SR 1.4.

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.

During the first quarter, the Bank continued its growth and development scheme in all fields to deliver high quality services to its customers through a inclusive branch network in both Retail and Tahweel, covering all corners of the kingdom maintaining its lead in the region as the largest network of bank branches.

Al Rajhi Bank ranked 2nd in the “Most Valuable Brand” category out of the 334 brands studied by BrandZ in the Kingdom. Al Rajhi Bank is perceived to be the most Meaningful and Different brand within the banking industry; making Al Rajhi Bank as an Iconic brand in an enviable position in branding. This is a reflection of trust and reputation that Al Rajhi Bank has among its customers and the Saudi society."

Regarding Corporate Social Responsibility and in extension of the efforts done by Al Rajhi Bank in 2016, Al Rajhi Bank approved several social and volunteering programs and extended them to include more people in more areas of the Kingdom. During the first quarter of 2017, Al Rajhi Bank implemented eight social programs that include volunteer participation in Riyadh, Al Qassem, Al Madinah, Jeddah, Dammam, Al Ahsaa and Ha’il, with the participation of 265 employees (144 males and 121 females), achieving 1,273 working hours in Q1 2017.

In summary, we have made very good progress in both our financial and non-financial KPI during the first quarter, our ABCDE program is on track and our customer and employees are beginning to see a tangible improvements. With your continued support and engagement we are on track to successfully meet all our key objectives for this year.

Once again I want to express my personal appreciation to each one of you for your loyalty to Al Rajhi Bank and the commendable efforts in achieving these very good results.

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