Mr. Abdullah Bin Suleiman Al Rajhi, Chairman and CEO of Al Rajhi Bank, announced that the Bank has achieved a net profit of SR 1,936 million for Q3 2011, which is 18% more than the prior year period that attained SR 1,640 million. The total operating income reached SR 3,192,indicating an increase of 8% compared to the SR 2,966 million of the similar prior year period. As for financing net profit, it decreased to SR 2,184 million;however, investment income increased by 40% reaching an amount of SR 128 million.Revenues of banking services reached 664 million compared to 373 million in Q3 2010 representing an increase of 78%.
Compared to the last 9 months of last year, net income has reached SR 5,479 million, which increased by 7.4%. Total operating income reached SR 9,179 million representing an increase 4.3%. Investment revenues achieved an increase of 70.2%, which reached SR 307 million.As the Bank continues its determined steps to further develop banking services and to maintain its customers’ trust, the revenues of banking services increased by 39% to reach SR 1,693 million.
Mr. Al Rajhi clarified that the Bank’s positive results contributed to an increase in the shareholders equity to 31 billion compared to 29 billion in Q3 2010 an increase of 7%. At the same time, the total assets increased to SR 213 billion compared to SR182 billion in Q3 2010, which means it increased by 17%. On the other hand, financing assets reached SR135 billion,showing an increase of 13%. The accounts of customers also increased about SR 167 billion in contrast to SR 142 billion, pointing to a rise of 17.6%. The Bank reached an increase of 3.7% in revenue of assets, while the revenue on the equity of shareholders rose by 24%. Whereas the profit per share is SR 3.65 in those 9 months in comparison to the SR 3.40of the same period last year.
Mr. Al Rajhi pointed out that the lucrative successes achieved by the Bank in this last period were due to the diversification of the sources of revenues,and to the development of both the investment and banking sectors in parallel to the fortified attention aimed at the level of customer service throughout the large network of 495 branches and 2,986 sophisticated ATMs.
Al Rajhi’s Chairman and CEO concluded his statement by extending his appreciation, and that of all Board members, to their customers for their loyalty and to their employees for the deployed efforts that achieved these profitable results.