Alrajhi Bank’s profits increased by 18.7% for the first nine months of 2022, says the president
Abdullah bin Sulaiman Al-Rajhi, Chairman of the Board of Alrajhi Bank, announced that the bank recorded a net profit of SR4,355 million in the third quarter of 2022, compared to SR3,794 million in the same quarter last year. last year – an increase of 14.8%.
Thus, the bank’s total profit for the first nine months of this year will be SR 12,746 million, compared to SR 10,734 million 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 bank service charges.
The bank also strengthened its prudent financial policy and established additional financial provisions, which had a positive impact on its financial strength, with the coverage rate for non-performing loans exceeding 272%.
Al Rajhi also said equity increased by 35.4% to SR86 billion at the end of the first nine months of this year, total assets increased by 27.1% to SR741 billion. and net funding assets increased by 32.4% to SR557 billion over the same period last year.
He said customer balances increased by 16.2% to SR556 billion at the end of the first nine months, the rate of return on assets and equity was 2.5% and 23.08 %, respectively, and earnings per share in the post-zakat period reach SR 3.16.
The Chairman of the Board said the third quarter saw the bank’s success in closing a crowdfunding transaction in the form of Murabaha, in line with environmental, social and governance practices, worth over a billion dollars for a period. 3 years old.
On the level of social responsibility, Al-Rajhi expressed his joy with the launch of the “Alrajhi Bank Program for the Education of Orphans”, where nearly 100 orphans enrolled in the program have already started their studies in 20 private universities in across the Kingdom in medicine. , pharmacy, medical sciences, engineering, aviation, cybersecurity, law and business administration.
He pointed out that the total donations of the valued customers of Alrajhi Bank to the Charitable Society for Orphans Care in Riyadh “Ensan” region amounted to SR 3,000,000, which they donated through their points earned in the under the “Mokafaa” program under the bank’s program. initiatives to involve customers in its social programs.
The President concluded his address by thanking the bank’s customers for their constant loyalty, trust and interaction with the developments made by the bank, especially in digital banking and the provision of financing products that meet their needs.
He also thanked the bank’s employees for their efforts in achieving these exceptional results.