Al Rajhi Bank Chairman of the Board of Directors, Mr. Abdullah bin Sulaiman Al Rajhi announced that the bank made profits, in the first quarter of the year 2019, that have reached 2,885 Million Riyal, as opposed to last year’s first quarter, which amounted to 2,383 Million Riyal, rounding up to an increase of 21%.
The operating income increased by 12% during the first quarter as a result of a growth in the net special commission income.
He added that the financial results showed an increase of 4.28%, rounding up to 363 Billion Riyal in total assets.
Mr. Al Rajhi clarified that customer balances increased and reached 294 Billion Riyal, an increase of 3.37%, while the average return of assets and shareholders’ equity amounted to 3.17% and 23.12% respectively, as earnings per share during the first quarter stood at SR 1.78.
The Chairman of the Board of Directors thanked the bank’s customers for their ongoing loyalty and trust in the bank’s employees, whose efforts helped the bank achieve these exceptional results.
The first quarter of the year 2019 witnessed the bank’s continuous business and product development in offering additional digital products and services through its electronic channels, as well as its Al Mubasher smartphone application for individuals, which received the highest ranking among all banking applications in the region.
Regarding Corporate Social Responsibility and volunteer work, His Excellency the Chairman of the Board praised the spirit of employees who volunteer and their continuous growing number. Volunteer hours have reached a total of 2420 hours during the current first quarter with a total of 484 volunteers including male and female employees. A variety of programs was implemented in numerous regions and governorates around the Kingdom of Saudi Arabia, noting a social partnership signed by the Ministry of Health during the first quarter of the year 2019, in order to establish the Al Rajhi Bank Center for Cardiac Catheterization within Al-Rass General Hospital, as well as the establishment of the Al Rajhi Bank Center for Physiotherapy, Occupational Therapy and Anti-Smoking within Tarif General Hospital.
It is also important to mention that the bank’s 13th Extraordinary General Assembly agreed to recommend the Board of Directors with a capital increase of 53.8%, going from 16,250 Million Riyal to 25,000 Million Riyal, by granting 7 free shares for each 13 owned shares through a capitalization of 8,750 Million Riyal from the retained earnings account, confirming Al Rajhi Bank’s strong financial stand.