Al Rajhi Bank coverage of non-performing loans reaches 308%, says Chairman

Abdullah Al Rajhi, Chairman of Al Rajhi Bank

The strong growth achieved by Al Rajhi Bank in the financing portfolio was accompanied by a high coverage of non-performing loans by 308%, said Chairman Abdullah Al Rajhi.

Commenting on Q1 2022 financials, the Chairman said the total operating income increased by nearly 17% in the first quarter, as a result of growth in net income from financing and investments, as well as banking services fees and brokerage activities.

He highlighted the bank’s financial and digital developments in addition to the growth rates achieved, as the ownership of foreign investors in the bank exceeded 13%

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, according to data compiled by Argaam.