Al Rajhi Bank’s Q1 2022 net profit jumps 24% to SAR 4.134 bln

Al Rajhi Bank posted a net profit of SAR 4.134 billion for Q1 2022, a rise of 24% from SAR 3.335 billion in the year-ago period.

The profit growth was attributed to a 17% rise year-on-year (YoY) in total operating income, due to an increase in net financing and investment income, fees from banking services, other operating income, and exchange income. On the other hand, total operating expenses increased by 5.3% YoY amid higher salaries and employee-related benefits, depreciation expenses, and other general and administrative expenses.

In addition, the bank recorded a 0.2% increase YoY in financing impairment charge from SAR 577 million to SAR 578 million.

On a sequential basis, net profit grew by 3% from SAR 4 billion, on a 1.5% increase YoY in total operating income, along with a 1.4% decline YoY in total operating expenses.

Shareholders’ equity, after minority interest, saw an increase of 32.2% to SAR 78.341 billion by the end of Q1 2022, from SAR 59.222 billion a year earlier.

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