Saudi Arabia’s Al Rajhi Bank ends pandemic year with 4.3% rise in profit
Saudi Arabia’s Al Rajhi Bank posted a 4.3% rise in profit to 10.6 billion riyals ($2.83 billion) for last year compared to 10.16 billion riyals in 2019.
The bank’s profit growth was achieved in spite of a 22.2% increase in impairment charges for financing, from 1.77 billion riyals to 2.17 billion riyals, according to a bourse filing on Wednesday (Feb 3).
On the balance sheet, assets surged by 22.06% to reach 468.83 billion riyals.
The Shariah-compliant bank’s biggest growth was for investments, that registered a rise of 28.7% to 60.29 billion riyals.
| KEY STATS AL RAJHI BANK FY2020 VS. FY2019 | |||
| in Saudi riyals billion | 2020 | 2019 | % change |
| Net income from Special Commissions/Financing and Investments | 17.28 | 16.96 | 2.952 |
| Net profit | 10.6 | 10.16 | 4.301 |
| Assets | 468.83 | 384.09 | 22.062 |
| Investments | 60.29 | 46.84 | 28.695 |
| Loans and advances | 315.71 | 249.68 | 26.445 |
| Customer deposits | 382.63 | 312.41 | 22.478 |
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