Al Rajhi Bank Chairman says profit grows 18.7% to SAR 12.746 bln in 9M 2022

Abdullah bin Sulaiman Al Rajhi, Chairman of Al Rajhi Bank

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 4,355 million in the third quarter of the current year 2022, up from SAR 3,794 million in the same quarter last year, a 14.8% increase. Thus, the bank's total profits for the first nine months of this year will be SAR 12,746 million, up from SAR 10,734 million for the same period of 2021, with an increase of 18.7%.

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 4.355 billion in the third quarter of the current year 2022, up from SAR 3.794 billion in the same quarter last year, a 14.8% increase. Thus, the bank's total profits for the first nine months of this year will be SAR 12.746 billion, up from SAR 10.734 billion for the same period of 2021, with an increase of 18.7%.

Total operating income increased by 13.0% in the first nine months of the current year compared to the same period last year due to an increase in net financing and investment income, and banking services fees. The bank also strengthened its conservative financial policy and set aside additional financial provisions, which reflected positively on its financial strength, as the coverage ratio of non-performing loans exceeded 272%.

Al Rajhi also stated that shareholders' equity increased by 35.4% to reach SAR 86 billion by the end of the first nine months of this year, total assets increased by 27.1% to SAR 741 billion, and net financing assets increased by 32.4% to SAR 557 billion over the same period last year.

He stated that customer balances increased by 16.2% to reach SAR 556 billion at the end of the first nine months, the rate of return on assets and shareholders' equity are 2.5% and 23.08%, respectively, and the profit per share during the period after Zakat reached to SAR 3.16.

The Board Chairman pointed out that the third quarter witnessed the bank's success in closing a crowdfunding operation in the form of Murabaha, in line with environmental, social, and governance practices, with a value of more than one billion US dollars for a period of three years.

On the level of social responsibility, Abdullah Al Rajhi expressed his happiness for himself and the bank's employees with the launch of the "Al Rajhi Bank Program for Educational Orphans Care", where nearly 100 orphans enrolled in the program have already started their studies in 20 private universities across the Kingdom in the disciplines of human medicine, pharmacy, medical science, engineering, aviation, cyber security, law, and business administration.

He pointed out that the total donations of Al Rajhi Bank’s valued customers to the Charitable Society for Orphans Care in the Riyadh region "Ensan" amounted to SAR three million, which they donated through their points earned from the "Mokafaa" program as part of the bank's initiatives to engage customers in its social programs.

The Board Chairman concluded his statement by thanking the bank's customers for their constant loyalty, trust, and interaction with the developments the bank achieved, especially in digital banking and providing financing products that meet their needs. He also thanked the bank's employees for their efforts in achieving these outstanding results.