- Mr. Abdullah bin Sulaiman Al Rajhi, Chairman of the Board of Directors of Al Rajhi Bank, announced today that the bank has achieved its highest quarterly profits since its founding, with a net income reaching 4,405 million riyals for the first quarter of 2024. This marks a 6.3% increase from the same period last year. The bank's total operating income for the quarter was approximately 7,229 million riyals, driven by a growth of over 10% in net financing and investment income compared to 2023. Al Rajhi highlighted the bank’s strengthened financial position, with shareholders' equity, excluding tier 1 sukuk, increasing to 90 billion riyals from 83 billion riyals last year, and total assets climbing to 836 billion riyals.
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In addition to the financial growth, Mr. Al Rajhi expressed gratitude to the bank’s customers for their continued trust and utilization of its services. He also commended the dedicated efforts of the bank’s staff, emphasizing their commitment as instrumental in achieving these results. Notable achievements in the first quarter of 2024 include the successful issuance of sustainable senior unsecured sukuks and the largest sukuk offering in the finance companies’ sector by the bank's Emkan finance company. Al-Rajhi underscored the bank's commitment to societal roles, highlighting ongoing initiatives such as sponsoring kidney transplant operations and the Al Rajhi Bank's educational program for orphans.
Why it matters
The bank has seen notable increases in financing for medium and small enterprises, real estate financing for citizens, and digital banking usage across corporate and individual sectors. Furthermore, the bank continues to enhance gender diversity, with women now representing 30% of the total workforce.
