Al Rajhi Bank’s H1 2022 net profit up 21% to SAR 8.392 bln; Q2 rises 18% to SAR 4.258 bln

Al Rajhi Bank posted a net profit jump of 21% to SAR 8.392 billion for the first half of 2022, compared to SAR 6.940 billion in the year-earlier period.

The profit growth was attributed to a 14.8% 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 foreign exchange income.

On the other hand, total operating expenses increased by 4.5% YoY amid higher salaries and employee-related benefits, depreciation expenses, and other general and administrative expenses. The credit loss provision saw a marginal decrease of 0.2% from SAR 1.161 billion, to SAR 1.159 billion in H1 2021.

The second-quarter net profit rose 18% to SAR 4.258 billion, from SAR 3.604 billion in Q2 2021, as total operating income grew by 12.8% YoY, due to an increase in net financing and investment income, fees from banking services, other operating income, and foreign exchange income.

Compared to Q1 2022, net profit grew 3% from SAR 4.133 billion.

Shareholders’ equity, after minority interest, increased to SAR 81.913 billion as of June 30, 2022, from SAR 59.670 billion a year earlier. 

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