Al Rajhi Bank’s financing portfolio grows on high NPLs coverage: Chairman

Abdullah bin Suliman Al Rajhi, Chairman of the Board of Directors of Al Rajhi Bank

Al Rajhi bank announced that it recorded a net income of SAR 4,150 million in the second quarter of 2023, compared to SAR 4,145 million in the first quarter of the same year. Thus, the bank's net income for the first six months of this year reached SAR 8,295 million.

The operating income in the first six months also has reached to SAR 13,608 million supported by financing and investments revenue, bank service fees, and exchange income.

Mr. Abdullah bin Suliman Al Rajhi, also added that the Bank’s financial results showed that total equity rose to SAR 87 billion, compared to SAR 75 billion in the previous year, with an increase of 15%. Total assets have reached to SAR 785 billion, marking an 11% increase, and customers’ deposits also increased by 3% to reach SAR 571 billion. Return on assets and return on equity reached to 2.15% and 19.6%, respectively, and earnings per share during the period recorded SAR 1.97. It is worth noting that the growth achieved in the Bank’s financing portfolio was supported by a high non-performing loans coverage ratio of 225%.

The Chairman of the Board of Directors pointed out that one of the banks' values is the passion to serve customers through the focus on finding solutions that meet their needs beyond expectations, and contribute to achieving their goals as well as our goal, to create customer confidence by improved customer experience and satisfaction in all aspects of banking services.

He also thanked the bank's employees for their continued contribution to the success and their efforts to move toward more achievements.

In terms of community roles, the bank was honored with the Majmaah University award for community service by His Highness, the Prince of the Riyadh region. The bank also received the National Excellence Award in localization initiatives at the private sector level from His Highness, the Prince of Qassim region, for supporting the development of the localization sector in the Kingdom.

Abdullah Al Rajhi highlighted that the bank's male and female employees continued to involve in various social initiatives, including distributing Iftar during Ramadan, organizing annual blood donation campaigns, and participating in awareness campaigns regarding financial fraud through social media, ATM screens, and sending awareness messages to all members of society.

Abdullah bin Sulaiman Al Rajhi concluded his statement by expressing the bank's commitment to playing a leading role financially and socially and contributing to achieving the aspirations of the Kingdom’s Vision 2030.