October 24, 2021With a growth of 44%, Al Rajhi Bank delivers SAR 10,734 million in net profit for the first nine months of 2021
Al Rajhi Bank Chairman of the Board of Directors, Mr. Abdullah bin Sulaiman Al Rajhi announced that the bank achieved net profit in the third quarter of the year 2021 amounting to SAR 3,794 million, compared to SAR 2,658 million for the third quarter of last year, an increase of 43%. The bank’s net profit for the first nine months of the current year reached to SAR 10,734 million, compared to SAR 7,474 million for the same period last year, an increase of 44%.
The total operating income for the first nine months in 2021 increased by 26% compared to the same period of the previous year driven by the increase in net income from financing and investments, and brokerage fees. The bank continued to strengthen its conservative approach, which was positively reflected on the strength of its balance sheet resulted in the non-performing loans coverage ratio to reach 307%.
Mr. Al Rajhi added that shareholders’ equity increased by 16% to SAR 64 billion at the end of the first nine months of this year. Similarly, total assets reached to SAR 583 billion with an increase of 35% over the same period last year. The bank’s net financing reached SAR 421 billion with an increase of 45% over the same period last year.
The Chairman of the Board of Directors highlighted that customers’ deposits increased by 39% to reach SAR 478 billion at the end of the first nine months. Moreover, return on assets and return on shareholders' equity reached 2.72% and 23.6%, respectively, and the earnings per share stood at SAR 4.29 during the period.
Mr. Abdullah Al Rajhi thanked the bank's valued customers for their constant loyalty, trust, and interaction with the bank’s developments, especially in the field of digital banking and providing financing products that meet their needs. Mr. Al Rajhi also thanked the bank's employees for their efforts in achieving these outstanding results.
He pointed out that the bank received four awards from the “Sakani Forum” in the third quarter which is the largest number of awards among Saudi banks; the Best Bank Award, the Best Marketing Offer Award, the Best Financing Agency in the Real Estate Advisor, in addition to the Best Sales Representative Award in the Real Estate Sector. These awards highlighted the bank’s leadership position in the mortgage financing within the Kingdom and goes in line with the bank’s contribution to achieving the goals of Vision 2030.
Al Rajhi concluded his statement by mentioning the bank’s continued its social responsibility programs with a focus on qualitative and sustainable projects, as the bank announced a national community initiative this quarter to perform 91 kidney transplants for patients with renal failure at a cost of SAR 18 million for cases transferred from the Shifa platform of the Health Endowment Fund in line with the standards approved by the Saudi Center for Organ Transplantation.
October 19, 2021Reflecting its strategy to think “beyond imagination” … AlRajhi Bank launches its new brand identity entitled “Unbank the Bank”
Al Rajhi Bank launched its new brand identity, shifting from being a leading bank in the region to enabling financial solutions in a way that meets the prosperous future of the people under the name “UNBANK THE BANK”.
The bank announced that by launching the new identity, it goes beyond being a bank focused on providing banking products to a financial system led by its competent employees as financial advisors who design smart financial solutions directed towards understanding and empowering people to reach their full potential through comprehensive financial solutions quickly and easily.
Mr. Walid Al Moqbel, bank CEO, said that the new identity is based on three core values: prosperity where we put our passion in business using the latest technologies to motivate our customers to adopt new opportunities; ease with which we provide easy and quick solutions to help customers make the best decisions with full confidence; and value where we understand the needs and encourage building relationships to solidify strong and solid bonds with our partners.
The bank was keen that the new identity reflects its new strategy to become “beyond imagination” to build the best financial technologies for innovative and ambitious people.
The bank has developed its logo to reflect its new strategy, as it is characterized by ease of use with more modern and daring colors and curves that fit the nature of the young society and the bank’s position as a Saudi international brand that is one of the largest in the region.
The bank was keen to preserve the essence of its identity, which is distinguished by its heritage that extends back to more than six decades, which formed one of the pillars of the Saudi banking sector, and in the minds of the bank’s clients in the Kingdom and around the world, was associated with success, development and leadership in providing banking services and products to individuals and companies.
October 17, 2021On the occasion of White Cane Safety Day Al Rajhi Bank employees volunteer in the “We Can See You With Our Hearts” initiative
As part of this year's social responsibility initiatives, Al Rajhi Bank implemented on the White Cane Safety Day, which takes place on October 15 of each year, the initiative, "We Can See You With Our Hearts" initiative.
The initiative was implemented in 3 cities, Riyadh, Jeddah and Qassim, and the employees of those bank’s branches participated. They volunteered to visit the blind and get to know them. The bank’s employees tried the Dine in the Dark restaurant and the blind participated in this experience. At the end of the program, roses and gifts were distributed and reassurances were given to them.
This initiative is an extension of the bank's efforts to support diverse and effective community programs and activities, and to increase cooperation and solidarity in business that serve the public interest. This initiative is one of the many programs that have been adopted throughout the year to serve most segments of society in all regions in the Kingdom.
The volunteers expressed their happiness with this participation, as it enhances their relationship with the community and highlights the bank's social responsibility role.
One of the volunteers during the experiment
The world celebrates the White Cane every year on October 15, which is considered the symbol of the blind. This day aims to increase society's awareness and educate it about the need for the blind to use the white cane that represents their independence and self-reliance.