Al Rajhi Bank achieves SR1,732m in profits in first quarter of 2009

Al Rajhi noted that the Bank continued developing its financial and investment resources where first quarter profits this year increased by 8.1% compared to the first quarter of 2008. Net income for investments in the first quarter reached SR2,284m compared to SR2,030 during the same period last year representing an increase of 12.5%.

Revenues for financial services during the same quarter reached SR456m and the total operational income jumped to SR2,740m compared to SR2,485 during the same period last year representing an increase of 10.3%.

Al Rajhi indicted that the Bank reinforced its financial position increasing shareholder rights to reach 26 billion compared to 24 billion last year, an increase of 6.6%. Total assets increased to SR162bn compared to SR143bn an increase of 13.4%. Customer deposits reached SR120bn compared to SR101bn an increase of 18.2%. The Bank achieved a return on assets of 4.2% while the return on shareholder rights reached 26.3%. Profits per share reached SR1.15 compared to SR1.07 last year.

Al Rajhi Bank CEO attributed the increase in profits due to the diversification of the financing and investment portfolio especially for corporate customers which in return led to the increase in revenues by 12.5% during the first quarter.