Al Rajhi Bank says currently difficult to assess financial impact of COVID-19

28/04/2020 Argaam

 

Al Rajhi Bank said it is currently difficult to estimate the financial impact of the precautionary measures taken to limit the spread of COVID-19 pandemic, given the inability to determine how long these measures will be in place.

 

However, any significant developments will be announced in due course, the bank added in a bourse statement on Tuesday.

 

Al Rajhi Bank's financial soundness indicators are strong and the group is able to stand the current economic challenges.

 

In addition, the Royal Decrees and the government initiatives to support the private sector will limit the economic and financial impact of those precautionary and preventive measures, Al Rajhi noted.

 

Al Rajhi's branches and remittance centers have resumed operations in compliance with the Saudi Arabian Monetary Authority’s (SAMA) directives.

 

The bank will comply with the required precautionary and preventive measures, the statement added.

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