Al Rajhi Bank Chairman of the Board of Directors, Mr. Abdullah bin Sulaiman Al Rajhi announced that the bank achieved profits in the second quarter of the year 2021, that have reached SAR 3,605 Million, Compared with SAR 2,436 Million in the second quarter of last year, with an increase of 48%. The bank’s total profits for the first six months of the current year have amounted to SAR 6,940 Million, compared to SAR 4,816 Million for the first half of 2020, with an increase of 44%
The operating income of the first six months has increased by 26% compared to the first half of the year 2020 as a result of an increase in net income from financing and investments. The bank also continued to strengthen its conservative approach and to avoid any possible impact of the pandemic, the bank set aside additional provisions which reflected positively on the strength of the bank’s balance sheet resulted in the non-performing loans coverage ratio of 318%.
Mr. Al Rajhi added that the shareholders’ equity increased by 15%, reaching SAR 60 Billion by the end of the first six months. Similarly, total assets reached SAR 546 Billion with an increase of 31% over the same period last year. The bank’s total financing assets amounted to SAR 390 Billion with an increase of 42% over the same period last year.
Mr. Al Rajhi added that customer deposits increase by 34% reaching to SAR 448 Billion at the end of the first six months of the current year. Moreover, return on assets and return on shareholders equity reached 2.74% and 23.1%, respectively, and earnings per share after Zakat stood at SAR 2.78 during the period.
Mr. Abdullah Al Rajhi thanked the bank’s esteemed retail and corporate customers for their loyalty and ongoing trust in the bank’s products and services, especially those pertaining to the digital banking. Mr. Al Rajhi also thanked the bank’s employees for their efforts in achieving these distinguished results.
He pointed out that the second quarter of the year 2021 witnessed the bank winning four international awards from Global Banking & Finance related to four different business sectors: the best bank in GCC for retail banking, the best bank in the Kingdom of Saudi Arabia for digital banking, and the best bank in the Kingdom of Saudi Arabia Saudi Arabia in foreign exchange, and the best bank in the Kingdom of Saudi Arabia in treasury businesses. The banks achievement of these awards confirms the banks superiority in several business segments.
Mr. Abdullah Al-Rajhi concluded his statement by referring to the continuation of community service programs, as the bank took the initiative during the second quarter to donate SAR 7 million in favor of the national campaign to support charitable work through Ehsan platform, and thanked the bank’s employees for their volunteering and giving, as they donated to pay the costs of sponsoring 20 families of the most needy families, with a value of SAR 230 thousand.
It is worth mentioning that the board of Al Rajhi Bank has approved to distribute cash dividends on 30/06/2021, equivalent to 14% of the companys share nominal value, for the first half of 2021, the cash dividend distribution equals to SAR 1.4 per share, aggregating at a total value of SAR 3.5 Billion.
The cash dividend eligibility date will be on 6/7/2021 to shareholders owning shares who are registered in the bank’s shareholders register with the Depository Center Company for Securities (Edaa) at the end of the second trading day following the eligibility date, and the distribution date is 14/07/2021.
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