Al-Rajhi Bank Profits Increased to SR4.1 bln during 1Q, up 24%

The net profit after zakat and tax for Al-Rajhi Bank increased to SR4.1 billion during the first quarter, compared to SR3.33 billion during the same quarter of the previous year, at a rate of 24%.

This came after Al-Rajhi announcement on Wednesday of the consolidated preliminary financial results for the period ending on March 31, 2022 (3 months).

The gross operational profit amounted to SR6.95 billion during the first quarter, compared to SR5.94 billion during the same quarter of the previous year, an increase of 17%.

Profits per share during the current period amounted to SR1.65, compared to SR1.33 during the same period of the previous year.

Net income increased due to an increase in total operating income by 17% caused by an increase in net financing and investment income, fees from banking services, other operating income, and exchange income. In contrast, the total operating expenses increased by 5.3% due to an increase in salaries and employees’ related benefits, depreciation expenses, and other general and administrative expenses. In addition, there was an increase in impairment charge for financing from SR 577 million to SR 578 million by 0.2%.

Net income increased due to an increase in total operating income by 1.5% caused by an increase in other operating income, fees from banking services, exchange income. Whereas, there was a decrease in net financing and investment income. In contrast, the total operating expenses decreased by 1.4% due to a decrease in other general and administrative expenses, and depreciation expenses. While, there was an increase in salaries and employees’ related benefits. In addition, there was a decrease in impairment charge for financing from SR 590 million to SR 578 million by 2%.