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  • August 07, 2022

    Dear Gents

    We would like to inform you that alrajhi bank is participating in the IPO of Naba Alsaha Medical Services Co. thru the parallel market (Nomu) the service available only for the clients that have qualified portfolio with Rajhi capital the IPO starting from 8 August 2022 to 14 August 2022, The share price 57 SAR.

    The minimum number of offer shares to be applied for by individual investors is 10 shares and their multiples. The maximum number of offer shares to be applied for by individual investors is 343,000 shares.

    The subscription will be available through our electronic channels (alrajhi bank app and Al Mubasher Retail).

  • August 02, 2022

    The Saudi Electricity Company (the Middle East and North Africa's largest producer, transmitter, and distributor of electrical energy) today announced a partnership agreement with Al Rajhi Bank (one of the largest banks in the Kingdom of Saudi Arabia) to provide electronic linkage services for bank guarantees. This will enable the automation of operations based on bank guarantees provided by project contractors, which will be reflected on electrical service projects in order to achieve reliability in their implementation in accordance with strategic and operational plans, as well as to simplify procedures for financial and financing transactions between the company and the bank.

    BwaTech Company for Information Technology, which works to electronically connect the banking and business sectors through its electronic platform "Bawadel," also participates in this agreement.

    "This agreement falls within the Saudi Electricity Company's strategy for digital transformation, as it seeks to develop all of its services in various fields," said Khaled Al-Gnoon, CEO of Saudi Electricity.

    Al-Gnoon stated that this agreement is in line with the Kingdom's Vision 2030 in all sectors, including the electricity sector.

    The CEO of Saudi Electricity explained that this agreement completes the company's digital transformation process and reflects the company's serious commitment to using the latest technologies to improve reliability in financial operations to serve the Saudi Electricity Company's partners, including contractors and suppliers.

    Mr. Walid Al Mogbel, CEO of Al Rajhi Bank, stated that this service is the first of its kind in electronically connecting the banking sector with the business sector to issue bank guarantees digitally, as this initiative supports the Kingdom's Vision 2030's financial sector development program and the achievement of digital transformation in financial services.

    He went on to say that the Saudi Electricity Company is one of the companies that is spearheading the launch of this project, which aims to develop business implementation methods and achieve digital transformation.

    Mr. Hashem Al Hekail, Chairman of the Board of Directors of BwaTech, commented on the agreement, saying, "BwaTech aims to electronically link the banking sector with the business sectors to implement all banking activities through its electronic platform, Bawadel, for the benefit of both sides, especially companies that have multiple banking relationships. One of the linkage projects we are currently working on is the automation of bank guarantees, as paper procedures have been replaced by advanced technical methods to link banks issuing these guarantees with their beneficiaries to facilitate the implementation of issuance and subsequent procedures.”

    Al Hekail added, "We owe our thanks to both the Saudi Electricity Company for their support and initiative in launching this project, and Al Rajhi Bank as the project's first participant and supporter.”

    It is worth noting that BwaTech is a financial technology company (FinTech) founded in 2020, authorized and operating under the regulations of the Saudi Central Bank's (SAMA) legislative pilot environment, with the goal of providing innovative financial services and products in the Kingdom.

  • July 31, 2022

    Abdullah bin Sulaiman Al-Rajhi, Chairman of the Board of Directors of Al Rajhi Bank, announced that the bank recorded a net income of SAR 4,258 million in the second quarter of 2022, up from SAR 3,605 million in the same quarter last year, an increase of 18%. Thus, the bank's net income for the first six months of this year will be SAR 8,392 million, up from SAR 6,940 million in the first half of 2021, a 21% increase.

    Total operating income increased by 15% in the first six months of the current year compared to the first half of 2021 due to an increase in net financing and investment income, and banking services fees. The bank also continued to strengthen its conservative approach and set aside additional provisions, which reflected positively on the bank's financial strength, as the non-performing loans coverage ratio exceeded 293%

    Al Rajhi also stated that shareholders' equity increased by 26% to reach SAR 75 billion over the same period last year, total assets increased by 30% to SAR 710 billion, and net financing increased by 33% to SAR 520 billion over the same period last year

    The Chairman of the Board of Directors added, customers’ deposits increased by 24% to reach SAR 553 billion from the same period last year, and the return on assets and return on shareholders' equity reached 2.6% and 23.4%, respectively, and the earnings per share after zakat reached to SAR 2.08

    Mr. Abdullah Al Rajhi thanked the bank's valued customers, both retail and corporate, for their unwavering loyalty and trust in the bank's products and services, which are constantly evolving, particularly in the digital field, to achieve the "UNBANK THE BANK" strategy, which made their experience with the bank achieve the "Beyond Imagination”. He also thanked the bank's employees for their contributions to these results

    On the level of social responsibility, Al Rajhi stated that the bank will continue to implement its strategy of major sustainable projects with an impact in the education and health sectors, as the second quarter of 2022 witnessed the signing of an agreement for "Al Rajhi Bank Program for Educational Orphans Care" with the Ministry of Human Resources and Social Development. Under this agreement, the bank will cover tuition fees for the undergraduate stage at private universities for all orphans in the Kingdom who were not admitted to public universities, making this the largest social and educational initiative for this group near and dear to our hearts

    Al Rajhi noted that the bank won three awards at the Sakani Forum organized by the Ministry of Municipal, Rural Affairs, and Housing in the second quarter of 2022, including the Best Bank Award, Best Financial Entity in the Real Estate Sector Award, and Best Real Estate Advisor Award, which are the awards that confirm Al Rajhi Bank's effective contribution to achieving the Kingdom's Vision 2030 housing goals year after year

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