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The bank’s total revenues in the second quarter rose by about 23.6 percent to about 6.5 billion riyals ($1.7 billion) compared to 5.2 billion riyals ($1.4 billion) in the same period last year.
In the first half in general, net rose earnings The bank increased by 21 percent to 8.4 billion riyals ($2.2 billion), while revenues rose by 21.8 percent to 12.4 billion riyals ($3.3 billion).
The reason behind the increase in profits during the first half of the year was the increase in net financing and investment income, as well as income from banking services fees and foreign currency exchange, the bank said.
Abdullah bin Suleiman Al-Rajhi, Chairman of the Board of Directors, said: Al Rajhi BankThe bank continued to strengthen its conservative financial policy and set aside additional financial provisions, which was positively reflected on the strength of the bank’s financial position, as the coverage ratio of non-performing loans amounted to more than 293 percent.
He added that customer balances rose on an annual basis by 24 percent to reach 553 billion riyals (147.5 billion dollars), and that total assets rose to 710 billion (189 billion dollars), an increase of 30 percent over the same period last year.
Al Rajhi Bank was established in 1978 and is headquartered in Riyadh, with a primary focus on Islamic bankingHe also works outside the Kingdom in the markets of Kuwait, Jordan and Malaysia, according to his website.
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The bank’s total revenues in the second quarter rose by about 23.6 percent to about 6.5 billion riyals ($1.7 billion) compared to 5.2 billion riyals ($1.4 billion) in the same period last year.
In the first half in general, net rose earnings The bank increased by 21 percent to 8.4 billion riyals ($2.2 billion), while revenues rose by 21.8 percent to 12.4 billion riyals ($3.3 billion).
The reason behind the increase in profits during the first half of the year was the increase in net financing and investment income, as well as income from banking services fees and foreign currency exchange, the bank said.
Abdullah bin Suleiman Al-Rajhi, Chairman of the Board of Directors, said: Al Rajhi BankThe bank continued to strengthen its conservative financial policy and set aside additional financial provisions, which was positively reflected on the strength of the bank’s financial position, as the coverage ratio of non-performing loans amounted to more than 293 percent.
He added that customer balances rose on an annual basis by 24 percent to reach 553 billion riyals (147.5 billion dollars), and that total assets rose to 710 billion (189 billion dollars), an increase of 30 percent over the same period last year.
Al Rajhi Bank was established in 1978 and is headquartered in Riyadh, with a primary focus on Islamic bankingHe also works outside the Kingdom in the markets of Kuwait, Jordan and Malaysia, according to his website.