Al Rajhi Bank continues to achieve goals, NPL coverage reaches 240%: Chairman

Abdullah bin Suliman Al Rajhi, Chairman of the Board of Directors of Al Rajhi Bank

Al Rajhi Bank announced recording a net income of SAR 4,155 million in the third quarter of 2023. The bank's net income for the first nine months of this year reached SAR 12,451 million.

The operating income for the same period has reached SAR 20,481 million supported by gross financing and investments income, exchange income, and other operating income.

Mr. Abdullah bin Suliman Al Rajhi, also added that the Bank’s financial results showed that total equity rose to SAR 86 billion, compared to SAR 80 billion for the same period last year, with an increase of 8%. Total assets have reached SAR 801 billion, marking an 8% increase, and customers’ deposits also increased by 2% to reach SAR 566 billion. Return on assets and return on equity reached 2.14% and 19.47% respectively, and earnings per share during the first nine months of the year stood at SAR 2.96. It is worth to highlight the growth achieved in the Bank’s financing portfolio was supported by a high non-performing loans coverage ratio of 240%.

The Chairman of the Board of Directors pointed out that the bank continues to achieve its goals, maintain the confidence and trust of its customers, and continuously enhance its customer experience.

In terms of social responsibility, Mr. Abdullah Al Rajhi stated that Al Rajhi Bank’s “Educational Program for Orphan Care” continues for the second year in a row, as more than 200 male and female students enrolled to the program in its second year, and continued their academic journey. The new enrollees were registered in 27 Saudi private universities in various regions of the Kingdom and studying more than 35 different majors, some of the majors include human medicine, pharmacy, medical sciences, engineering, aviation, as well as cybersecurity, law, and business administration.

Abdullah Al Rajhi added that during the third quarter of 2023, the bank held the annual ceremony,” Instantly and without Limits” which highlighted the most prominent updates that were implemented during the year through Al Rajhi Group’s applications, in which the bank confirms its leadership in the field of digital banking.

Mr. Abdullah Al Rajhi concluded his statement by expressing the bank's commitment to playing a leading role, both financially and socially, and contributing to achieving the aspirations of the Kingdom’s Vision 2030.