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.
SALAM GATEWAY
