With an increase of 9%, Al Rajhi Bank saw a profit of SR 5,974 million in 9 months.
Mr. Suliman bin Abdulaziz Azzabin, CEO of Al Rajhi Bank, announced that the Bank made a net profit of SR 5,974 million in the 9 months of the current year, 9% more than the same period last year, which amounted to SR 5,479 million. This profit is due to the development and diversity of the Bank’s financial and investment products. The total operating income reached SR 10,493, showing an increase of 14.3% compared to the SR 9,179 million of the same quarter of the past year.
As for financing net profit and investment income, they came up to SR 7,080 million compared to the previous SR 6,799 million, which is an increase of 4.1%. The revenues of banking services also increased by 39% to reach SR 2,348 million in comparison to last year’s amount of SR 1,693 million.
In comparison to the same quarter last year, total operating income showed an increase of 14% by reaching SR 3,639 million. The net revenues of financing and investment achieved an increase of 5%, amounting to SR 2,409 million. The revenues of the banking services saw an increase of 18%, which translates to SR 785 million. Net income during the 3rd quarter amounted to SR 1,869 million.
The CEO clarified that the Bank continued its development through a successful investment and banking policy that contributed to the increase of the shareholders’ equity allowing it to reach SR 35 billion, 9.4% more than the SR 32 billion of the same period last year. At the same time, total assets achieved SR 247 billion in contrast to SR 213 billion, which means it increased by 16%. On the other hand, financing assets amounted to SR 166 billion, pointing to an increase of 23%.
The customers’ accounts also achieved SR 195 billion in comparison to the SR 167 billion and that is an increase of 17%. In this context, the Bank maintained its leadership due to the revenue from asset rates, which reached 3.40%, and the revenue on shareholders’ equity, which reached 23.35%. As for single stock profit, it came to SR 3.98 in contrast to the SR 3.40 of the same period last year.
The CEO also indicated that the Bank succeeded in diversifying its sources of revenues, developing both the investment and banking sectors, and fortifying the customer service level by fulfilling needs through their large network of 478 local branches, 28 International branches and 3,254 sophisticated ATMs.
CEO concluded his statement by thanking, on behalf of the Board and management, the Bank’s customers for their loyalty and the employees for their efforts that made bank achieve these results.