Al Rajhi Bank Chairman of the Board of Directors, Mr. Abdullah bin Sulaiman Al Rajhi announced that the bank made profits before Zakat, in the third quarter of the year 2020, that have reached 2,963 Million Riyals, as opposed to the second quarter of the current year, with a 9% increase. Thus, the total profits of the bank for the first nine months of the current year before zakat will be 8,333 million riyals. Total operating income for the first nine months increased by 3.1% compared to the same period of the previous year, as a result of the increase in the net financing income, investments and brokerage fees.
Mr. Al Rajhi added that the shareholders’ equity increased by 13%, reaching 55 Billion Riyals by the end of the first nine months. Similarly, total assets improved and reached 430 Billion Riyals with an increase of 17% over last year’s same period. The bank’s total financing assets amounted to 290 Billion Riyals with an increase of 18%. Mr. Al Rajhi clarified that customer balances increased by 16% with a total of 345 Billion Riyals at the end of the first nine months, as the rate of return on assets and shareholders' equity reached 2.48% and 19.16%, respectively, and the earnings per share during the period after Zakat stood at SR 2.99. The Chairman of the Board of Directors also clarified that the bank continued to maintain its conservative allocation policy, as the coverage rate of non-performing finances rose to 293%.
Mr. Abdullah Al Rajhi thanked the bank’s esteemed customers for their ongoing trust, loyalty and compliance with its developments, especially those pertaining to the digital banking sector, and with financing products provided to meet their needs. Mr. Al Rajhi also thanked the bank’s employees for their efforts in achieving these distinguished results and praised the governmental initiatives presented by the Saudi Arabian Monetary Agency to support the private sector, and that of small and medium enterprises in particular, by postponing installments for 3 additional months. He added that during the third quarter, the bank continued to implement precautionary and preventive measures in all its establishments and branches, and was keen to protect its employees and customers as well as support government efforts in this field.