Al Rajhi Bank’s SR 4,951 Million Profits in the First Half of the Current Year

26 July 2018

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Chairman of Al Rajhi Bank, Mr. Abdullah bin Sulaiman Al Rajhi announced that the bank achieved profits in the second quarter of the year 2018 amounting to SR 2,569 million compared to SR 2,182 million for the second quarter of the previous year, an increase of 17.7%.

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The total profit for the first six months of the current year is SR 4,951 million compared to SR 4,403 million for the first half of 2017, an increase of 12.5%.

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Total operating income for the first six months increased by 9.1% compared to the first half of 2017 due to growth of net financing income and investments by 8.8%.

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Shareholders' equity stood at SR 52.7 billion at the end of the first six months and total assets increased to 348 billion with an increase of 0.82%, while the bank's total financing assets reached SR 229 billion, a decrease of 1.65%.

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Al Rajhi pointed out that customer balances reached SR 280 billion at the end of the first six months. The return on assets and shareholders' equity reached 2.86% and 18.25% respectively, and earnings per share during that period reached SR 3.05.

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The chairman thanked the customers of the bank for their continued loyalty and confidence and the bank's staff for their efforts in achieving these results. He pointed out that the Bank adopted further steps in the field of human resources where during the second quarter of 2018, Al Rajhi Academy was launched which will play a major role in helping the programs of developing Saudi capabilities, qualifying the youth to work in the bank, and developing the human resources in the banking sector.

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He also praised the spirit and enthusiasm of the bank’s employees on their voluntary work where volunteer hours doubled during the first half of the current year and amounted to 7269 hours compared to 3275 hours for the same period last year.

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Al Rajhi Bank continued to grow during the first half and expand its e-banking and alternative channels to provide high-quality services to its customers.

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