Al Rajhi Bank posts 4% profit rise to $2.82bn in 2020

Al Rajhi Bank reported an annual net profit of SR 10.596 billion ($2.82 billion) for 2020, a rise of 4 percent, compared to a net profit of SAR 10.158 billion a year earlier.

The higher net profit was spurred by a 6.3 percent year-on-year (YoY) increase in total operating income, amid a rise in net special commission income, income fees from banking services, net exchange income, and other operating income.

The fourth-quarter net profit jumped 35 percent YoY to SR 3.121 billion.

Shareholders’ equity, excluding minority interest, increased by 13.5 percent YoY to SR 58.119 billion by the end of 2020.