Al Rajhi Bank sets aside provisions for potential COVID-19 impact; NPL coverage exceeds 300%: Chairman

Al Rajhi Bank Chairman Abdullah bin Sulaiman Al-Rajhi

Al Rajhi Bank continued to support its conservative financial policy and set aside additional provisions for any potential COVID-19 repercussions, Chairman Abdullah bin Sulaiman Al-Rajhi said in a statement.

The Chairman said the move reflected positively on the bank's financial position, noting that the non-performing loans (NPL) coverage ratio exceeded 318%.

The Tadawul-listed bank posted a net profit of SAR 6.94 billion for H1 2021, a rise of 44% compared with the same period a year earlier. Meanwhile, Q2 2021 net earnings leapt 48% year-on-year (YoY) to SAR 3.605 billion.