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April 21, 2021
Abdullah bin Sulaiman Al-Rajhi, Chairman of the Board of Directors of Al-Rajhi Bank, announced that the bank achieved profits in the first quarter of the current year 2021 before zakat amounting to 3,335 million riyals, compared with 2,380 million riyals for the first quarter of the previous year, with an increase of 40% . The total operating income during the first quarter increased by about 20% to reach 5,948 million riyals due to the growth in net income of special commissions and administrative fee. Al-Rajhi added that the bank, in support of its conservative financial policy and to avoid any potential effects of the Corona pandemic, has set aside additional financial allocations, which reflected positively on the strength of the bank's financial position, as the non-performing loan coverage ratio reached more than 318%.
Al-Rajhi explained that the financial results showed that shareholders' equity rose to 59.2 billion riyals compared to 49.6 billion riyals, an increase of 19%, and the total assets increased to reach 512.2 billion riyals, an increase of about 31%. Customer deposits by about 34% to reach 421.3 billion riyals. The rate of return on assets and shareholders' equity increased to reach 2.8% and 22.4%, respectively, and earnings per share during the period became 1.33 riyals.
Mr. Abdullah Al-Rajhi thanked the bank’s clients for their consistent loyalty, confidence and interaction with the developments accomplished by the bank, especially in the field of digital banking and the provision of financing products that meet their needs. He also thanked the bank’s employees for their efforts in achieving these distinguished results in light of the challenges that have risen upon everyone and the prevailing of the pandemic that has affected most sectors in various fields. He also praised the government initiatives presented by the Saudi Central Bank to support the private sector, especially the small and medium-sized enterprises, which has been affected by the measures that resulted from the emerging coronavirus pandemic.
Al-Rajhi said that during the first quarter, the bank achieved 3 awards related to the bank’s contribution to the housing sector, as it won the award for best bank in terms of the number of financing contracts signed in the first quarter, the award for the most number of financing contracts signed during the total and partial ban, and the award for best financing agency in the application of the real estate advisor. The bank also won the first place award for the best investor relations program within the Saudi Stock Market Awards. The bank’s achievement of these awards confirms the bank’s commitment to participate in the fulfillment of the Kingdom’s 2030 vision through various initiatives.
The first agreement with the Association for Children with Disabilities stipulated that the bank would undertake the development and rebuilding of the integrated clinic while bearing the operating costs of the clinic for a full year, with a total value of 1,496,000 Saudi riyals. While the second agreement with King Faisal Specialist Hospital & Research Center pledged that the bank arranges to purchase and equip two blood donation vehicles worth 6 million Saudi riyals
April 18, 2021Al-Rajhi Bank donates seven million Saudi Riyals to the national campaign to support charitable work through “Ihsan” platform
Al Rajhi Bank donated seven million riyals to the national campaign to support charitable work that took place last Friday through the Ihsan platform, which was launched by the Two Holy Mosques and His Highness the Crown Prince, may God protect them.
The campaign and platform’s support takes place within Corporate Social Responsibility Programs provided by the Bank. Al Rajhi Bank gives great attention to these programs as its social role has been highlighted through its support and activation of many national initiatives and sustainable projects. In addition to that, the bank has been initiating and facilitating volunteer work for employees which has helped achieve record numbers in support of Saudi Arabia’s Vision 2030 goals.
It was an honor for the bank to have provided this support after announcing the launch of the campaign and after the generous funding of 20 million riyals provided by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, may God protect him. Moreover, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, may God preserve him, had also shown great support with an amount of 10 million riyals. Both of their contributions help encourage and inspire organizations and individuals to offer all they can to serve the community.
The national campaign for charitable work "Ihsan", which was launched by the Saudi Authority for Data and Artificial Intelligence (SADAA) last month, is considered a national donation platform that provides many services and programs and brings together other national platforms involved in donations Kingdom wide. This brings us to Ihsan’s integral role, being a platform that supports charitable and non-profit organizations and helps them achieve their goals.
The platform contributes to preserving the efforts of the donors and philanthropists, as well as working on avoiding the difficulties that donors face while conducting bank transfers to non-profit entities. Simultaneously, “Ihsan” will organize payment gateways for electronic donations, and will facilitate monitoring and follow-up of all donation processes, and improve control over them to ensure that it is given to those in need of it. In addition to all that, it will show the donor special treatment along with ongoing communication to provide him/her with the latest developments of the donation system and regulations in the Kingdom. Moreover, it will introduce the donor to different channels that he/she can use to support his favorite organization or institution.
This donation is simply a continuation to the bank’s qualitative and sustainable initiatives to serve the community, given that the year 2021 began with two projects targeting social responsibility. The bank signed two agreements, one with the Disabled Children Association, which the bank took full responsibility to develop and rebuild the integrated clinic along with covering its operating costs for a whole year with a total value of 1,496,000 riyals. The second agreement is with King Faisal Specialist Hospital & Research Center, whereby the bank pledged to purchase and equip two blood donation vehicles worth 6 million Saudi riyals
April 13, 2021
For the 4th Consecutive Year and Reaching 12K Beneficiaries
Al Rajhi Bank successfully completed its food baskets distribution program to underprivileged people right before the arrival of the holy month of Ramadan.
The bank's employees, led by the Social Responsibility Ambassadors, handled the distribution of these baskets to the underprivileged in their respective areas. The program saw the participation of 161 employees, who voluntarily worked for an overall of 805 hours to deliver these baskets directly to the relevant charities in their areas.
The distributed baskets contained several types of food that are popular in Ramadan, each serving six people. Reaching 12,000 beneficiaries, the initiative took place in Riyadh, Mecca, Medina, Taif, Northern Borders, Al Qassim, Hail, Aseer Province, Jeddah, and Jazan.
Receiving great interactions from the Social Responsibility Ambassadors for its ideal execution, the program takes place at a much-needed time due to the occurrence of the coronavirus pandemic and its related difficulties, making such initiatives more crucial than previous years. It also comes at a time where everyone is keen on making charity and helping the less fortunate, especially during the holy month of Ramadan.
Al Rajhi Bank believes this kind of social activity is consistent with the Saudi community's values and culture, which encourages collaboration and solidarity for the greater good. This initiative comes as part of many programs planned around the year, aiming to serve the various segments of the society in all of the Kingdom's areas.