Al Rajhi Bank 9M 2021 net profit jumps 44% to SAR 10.734 bln

Al Rajhi Bank reported a net profit of SAR 10.734 billion for the first nine months of 2021, an increase of 44% from SAR 7.474 billion in the same period a year earlier. 

The bank attributed the profit rise to an increase in total operating income by 26.4% due to higher net financing and investment income, fees from banking services and other operating income, and lower exchange income.

Total operating expenses increased by 4.5% due to a rise in salaries and employees’ related expenses, other general and administrative expenses, and depreciation expense.

In addition, there was an increase in impairment charge for financing by 8.6% to SAR 1.755 billion.

The bank’s net profit for Q3 2021 increased 43% year-on-year (YoY) to SAR 3.794 billion due to higher total operating income by 27.7% and credit impairment charge.

On a sequential basis, Q3 2020 net profit increased 5.2% on 3.8% rise in total operating income.

Shareholders' equity, excluding minority rights, at the end of the period amounted to SAR 6.363 billion, compared to SAR 5.491 billion at the end of the same period of the previous year.

View more financial results