RIYADH: Abdullah bin Sulaiman Al Rajhi, chairman of the board of directors of Al Rajhi Bank, announced that the bank recorded a net income of SR4,355 million in the third quarter of 2022, up from SR3,794 million in the same quarter last year — a 14.8 percent increase.
Thus, the bank's total profits for the first nine months of this year will be SR12,746 million, up from SR10,734 million for the same period of 2021, with an increase of 18.7 percent.
Total operating income increased by 13.0 percent in the first nine months of the current year compared to the same period last year due to an increase in net financing and investment income, and banking services fees.
The bank also strengthened its conservative financial policy and set aside additional financial provisions, which reflected positively on its financial strength, as the coverage ratio of non-performing loans exceeded 272 percent.
Al Rajhi also stated that shareholders' equity increased by 35.4 percent to reach SR86 billion by the end of the first nine months of this year, total assets increased by 27.1 percent to SR741 billion, and net financing assets increased by 32.4 percent to SR557 billion over the same period last year.
He stated that customer balances increased by 16.2 percent to reach SR556 billion at the end of the first nine months, the rate of return on assets and shareholders' equity are 2.5 percent and 23.08 percent, respectively, and the profit per share during the period after zakat reached to SR 3.16.
The chairman of the board of directors stated that the third quarter witnessed the bank's success in closing a crowdfunding operation in the form of Murabaha, in line with environmental, social, and governance practices, with a value of more than $ one billion for a period of 3 years.
On the level of social responsibility, Al Rajhi expressed his happiness with the launch of the "Al Rajhi Bank Program for Educational Orphans Care,” where nearly 100 orphans enrolled in the program have already started their studies in 20 private universities across the Kingdom in medicine, pharmacy, medical science, engineering, aviation, cybersecurity, law, and business administration.
He pointed out that the total donations of Al Rajhi Bank's valued customers to the Charitable Society for Orphans Care in the Riyadh region "Ensan" amounted to SR3,000,000, which they donated through their points earned from the "Mokafaa" program as part of the bank's initiatives to engage customers in its social programs.
The chairman concluded his statement by thanking the bank's customers for their constant loyalty, trust, and interaction with the developments the bank achieved, especially in digital banking and providing financing products that meet their needs.
He also thanked the bank's employees for their efforts in achieving these outstanding results.
