Chairman of Al Rajhi Bank, Mr. Abdullah bin Sulaiman bin Abdulaziz Al Rajhi, announced that the bank achieved profits of 2,383 million Saudi Riyals in the first quarter of this year 2018, compared to 2,221 million Saudi Riyals in the first quarter of the previous year, with an increase of 7.29%.
Moreover, the total operating revenue for the first quarter increased by 7.5% as a result of the growth in net special commission revenues.
He added that the financial results showed a rise in the total assets to 349 billion Saudi Riyals, with an increase of 3.56%.
Al Rajhi pointed out that customer balances increased to reach 284 billion Saudi Riyals with an increase of 4.66%, whereas the return on assets and shareholders' equity reached 2.75% and 17.95% respectively. Earnings per share reached 1.47 Saudi Riyals.
The Chairman thanked the bank's customers for their continued loyalty and trust and thanked the dedicated employees for their efforts and hard work which contributed to achieving these outstanding results.
The first quarter of 2018 witnessed the launch of the “Al-Rajhi Academy”, which is considered as a major arm of the bank aiming at accelerating the development of Saudi talent, their competencies and ultimately contribute to the development of the human resource of the banking sector. This reflects the bank’s keenness on strategically developing Saudi human capital and goes hand on hand with the Saudi Vision 2030.
This important step in the development of the human capital at Al Rajhi Bank reinforces the "We live our values" approach, which is the slogan of Human Resources Department. The bank continuously strives to qualify the Saudi youth to be able to meet the current business needs and the market’s professional criteria.
In the domain of social responsibility and the bank’s continuous efforts to serve the society over the years, Al Rajhi Bank adopted several social programs and voluntary initiatives this year. During the first quarter of the year, the Bank implemented 17 social initiatives, all of which included voluntary participation of employees (male and female), amounting to 662 employees and 2614 hours of voluntary work in the first quarter of 2018 alone.