Al Rajhi Bank posts 19% net profit growth to SAR 19,722M in 2024: Chairman

Abdullah bin Sulaiman Al Rajhi, Chairman of the Board of Directors of alrajhi bank

Mr. Abdullah bin Sulaiman Al Rajhi, Chairman of the Board of Directors of alrajhi bank, announced that the bank achieved net profits of 19,722 million Saudi Riyals for the year 2024, reflecting a growth rate of 19% compared to 16,621 million Riyals in 2023. Total operating income reached 32,055 million SAR, with a growth of 16%, driven by increased net financing and investment income, as well as higher banking service fees. These results highlight the bank’s successful execution of its strategies for sustainable growth and financial performance.

Abdullah Al Rajhi noted that shareholders’ equity rose to 123 billion SAR, marking an increase of 15% compared to 107 billion SAR in 2023. Total assets grew by 21% to reach 974 billion SAR, fueled by a 17% increase in the financing portfolio and a 31% rise in the investment portfolio. Customer deposits also expanded by 10%, totaling 628 billion SAR. Additionally, the bank achieved a return on assets of 2.3%, a return on shareholders’ equity of 21.1%, and earnings per share of 4.67 SAR. Non-performing financing coverage also remained robust reaching around 160%.

Abdullah Al Rajhi added that the bank continues to excel in the field of digital services, as he considers innovation an essential part of the bank’s strategy, as alrajhi bank recorded more than one billion logins to its applications during 2024, with a 22% increase in the number of new customers via mobile phones. The bank recorded a 23% increase in card issuance, and exceeded more than 10 million international transfers. In addition, the bank witnessed a 29% increase in opening accounts online.

On the bank’s community service initiatives, Abdullah Al Rajhi emphasized the continued success of the “Alrajhi Bank Educational Orphan Care Program,” now in its third year. The program supports over 200 students across 28 private Saudi universities in disciplines such as medicine, engineering, cybersecurity, and law.

The “National Community Initiative for Kidney Transplantation” also achieved significant milestones, completing 77 kidney transplants in its third year, with plans to reach 91 by year-end. Meanwhile, the Alrajhi Bank Cardiac Catheterization Center at Al Rass General Hospital successfully conducted 100 procedures since its launch in late 2024. Additionally, the bank has strengthened its support for healthcare by deploying mobile blood donation vehicles to over 50 locations in Riyadh and Medina, facilitating donations from more than 6,000 individuals.

Abdullah Al Rajhi concluded by reaffirming the bank’s commitment to supporting Vision 2030, playing a pivotal role in the Kingdom’s economic progress, and consistently enhancing customer trust and experience. By prioritizing innovation and customer-focused solutions, alrajhi bank remains dedicated to addressing the evolving needs of its customers while staying true to its core values.