<\/p>\n\n\n\n
Abdullah bin Sulaiman Al Rajhi, Chairman of the Board of\nDirectors of al rajhi bank, announced that the bank recorded a net income of\nSAR 4,355 million in the third quarter of the current year 2022, up from SAR\n3,794 million in the same quarter last year, a 14.8% increase. Thus, the bank’s\ntotal profits for the first nine months of this year will be SAR 12,746\nmillion, up from SAR 10,734 million for the same period of 2021, with an\nincrease of 18.7%.<\/p>\n\n\n\n
Total operating income increased by 13.0% in the first nine months\nof the current year compared to the same period last year due to an increase in\nnet financing and investment income, and banking services fees. The bank also\nstrengthened its conservative financial policy and set aside additional\nfinancial provisions, which reflected positively on its financial strength, as\nthe coverage ratio of non-performing loans exceeded 272%.<\/p>\n\n\n\n
Al Rajhi also stated that shareholders’ equity increased by 35.4%\nto reach SAR 86 billion by the end of the first nine months of this year, total\nassets increased by 27.1% to SAR 741 billion, and net financing assets\nincreased by 32.4% to SAR 557 billion over the same period last year.<\/p>\n\n\n\n
He stated that customer balances increased by 16.2% to reach 556\nbillion riyals at the end of the first nine months, the rate of return on\nassets and shareholders’ equity are 2.5% and 23.08%, respectively, and the\nprofit per share during the period after zakat reached to SAR 3.16.<\/p>\n\n\n\n
The Chairman of the Board of Directors pointed out that the\nthird quarter witnessed the bank’s success in closing a crowdfunding operation\nin the form of Murabaha, in line with environmental, social, and governance\npractices, with a value of more than one billion US dollars for a period of 3\nyears.<\/p>\n\n\n\n
On the level of social responsibility, Mr. Abdullah Al Rajhi\nexpressed his happiness for himself and the bank’s employees with the launch of\nthe “Al rajhi bank Program for Educational Orphans Care”, where\nnearly 100 orphans enrolled in the program have already started their studies\nin 20 private universities across the Kingdom in the disciplines of human\nmedicine, pharmacy, medical science, engineering, aviation, cyber security,\nlaw, and business administration.<\/p>\n\n\n\n
He pointed out that the total donations of al rajhi bank’s\nvalued customers to the Charitable Society for Orphans Care in the Riyadh\nregion “Ensan” amounted to 3,000,000 riyals, which they donated\nthrough their points earned from the “Mokafaa” program as part of the\nbank’s initiatives to engage customers in its social programs.<\/p>\n\n\n\n
The Chairman of the Board of Directors concluded his statement\nby thanking the bank’s customers for their constant loyalty, trust, and\ninteraction with the developments the bank achieved, especially in digital\nbanking and providing financing products that meet their needs. He also thanked\nthe bank’s employees for their efforts in achieving these outstanding results.<\/p>\n","protected":false},"excerpt":{"rendered":"
Abdullah bin Sulaiman Al Rajhi, Chairman of the Board of Directors of al rajhi bank, announced that the bank recorded a net income of SAR 4,355 million in the third quarter of the current year 2022, up from SAR 3,794 million in the same quarter last year, a 14.8% increase. Thus, the bank’s total profits …<\/p>\n","protected":false},"author":2,"featured_media":59485,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[439],"tags":[],"class_list":["post-59556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-news"],"yoast_head":"\n