Saudi Arabia’s Al Rajhi Bank ends pandemic year with 4.3% rise in profit

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    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

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