Mr. Abdullah Bin Sulaiman Al Rajhi, Chairman of the Board of Directors at Al Rajhi Bank announced that during the third quarter of 2017 the bank had achieved a net profit of SR 2,265 million, in comparison with SR 2,009 million in the same quarter of the previous year, with an increase of 12.7%.
He further stated that these outstanding results are the highest quarterly profits ever achieved by the bank, confirming the bank’s strong financial position and reflecting the solidity and stability of the Saudi banking sector in particular, and the Saudi economy in general. Thus, the total profit of the first nine months of this year amounts to SAR 6,668 million compared to SAR 6,079 million for the same period last year 2016 with an increase of 9.7%.
Total operating income for the first nine months increased by 1.5% compared to the same period last year due to the growth of net income from financing and investments by 6.9%.
He added that the financial results reported an increase in total shareholders' equity reaching SR 53 billion, an overall increase of 7.2% and rise in total assets to SR 338 billion, an increase of 2.3%, while total financing and investing assets amounted to SR 233 billion, an increase of 3.2%.
Mr. Al Rajhi stated that return on average assets and shareholders’ equity amounted to 2.6% and 16.9% respectively, while earnings per share during the period stood at SR 4.10.
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. He also emphasized the Bank’s continuous dedication to the elite human resources of men and women as per the plan that included several objectives, such as becoming the “employer of choice” and the "living our values" initiative throughout all bank activities.
During this year, Al Rajhi Bank provided 45,000 training days covering governance, technology, leadership and management topics. It also applied talent assessment tools for both general administration and branch employees to identify talent and building career growth plans. In addition to executing market leadership programs like the graduate development program to build future bank leaders. For years 2016 and 2017, the bank received recognition and rewarded as one of the best working environments in the Gulf.
In future, the bank is focused on increasing Saudi female labor force. As of now, the bank has 1,250 women employees, 15% more than last year.
It is worth mentioning that Al Rajhi Bank received several awards during the third quarter 2017, "Best Mobile Banking Application" and "Best Social Media Communication Team" in Saudi Arabia from the International Finance Magazine (IFM) are the most important awards.