Al Rajhi Bank profit rises 19% to SAR 19.72B in 2024; Q4 at SAR 5.51B

Al Rajhi Bank's net profit rose to SAR 19.72 billion in 2024, up 19% compared to SAR 16.62 billion in 2023.

The profit increase was driven by a 16.8% increase in net financing and investment income due to a rise in gross financing and investment income, offset by a growth in gross financing and investment return.

Total operating income rose by 16.4% on the back of an increase in net financing and investment income, fees from banking services, other operating income and exchange income.

Meanwhile, net provision for expected credit losses surged on higher gross charge by 36.9% coupled with a rise in recoveries from written off financing by 33.4%.

On the other hand, the total operating expenses including impairment charges for financing increased by 12.1% due to an increase in depreciation expense and salaries and employees’ related benefits.

The fourth-quarter net profit rose 32% to SAR 5.51 billion from SAR 4.17 billion in Q4 2023.

Sequentially, the Q4 bottom line grew by 8.1% from SAR 5.1 billion in Q3 2024.

Shareholders’ equity, after minority interest and sukuk, stood at SAR 100.18 billion by the end of December 2024, compared to SAR 90.25 billion in the year-earlier period.

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