Abdullah Al Rajhi: Alrajhi bank's profits rose to 9103 million riyals in the first half of 2024 with the highest semi-annual profits since its establishment

Mr. Abdullah bin Sulaiman Al Rajhi, Chairman of the Board of Directors of Alrajhi bank, announced today that Alrajhi bank has achieved its highest semi-annual profits since its establishment, with a net income reaching 9,103 million riyals for the first half of 2024. This represents a 10% increase from the 8,295 million riyals recorded in the same period last year. The bank's total operating income for the first half of 2024 amounted 14,866 million riyals, grew by 9% comparing to same period last year, driven by a growth of over 11% in net financing and investment income.

Al Rajhi detailed that the bank’s financial health continues to strengthen, as evidenced by an increase in shareholders' equity, excluding equity sukuk, to 94 billion riyals from 87 billion riyals last year, marking a rise of 8%. Total assets climbed to 867 billion riyals, up by 7%, while customer deposits grew by 9%, reaching 623 billion riyals. The bank also reported a return on assets and shareholders' equity of 2% and 20% respectively, with earnings per share reaching 2.16 riyals. Notably, the significant growth in the financing portfolio was complemented by an enhanced coverage ratio for non-performing loans around 170%.

In the second quarter of this year, Alrajhi bank achieved net profits of 4,698 million riyals, compared to 4,150 million riyals in the second quarter of last year, an increase of more than 13%.

Al Rajhi also pointed out the bank’s success in issuing the first sustainable additional capital sukuk denominated in US dollars, that is sharia compliant, worth one billion dollars during the second quarter of 2024. These sukuks are the first tier 1 issuance of Alrajhi bank in the global debt markets, continuing its success in previous international issuances in 2023 and 2024. This issuance received high demand from regional and international investors, enhancing the bank's importance and position in global markets.

Abdullah Al Rajhi emphasized the bank's ongoing commitment to societal roles, the bank continued to support the kidney transplant operations program, with 72 successful procedures this year, and Alrajhi bank's educational program for orphans, now in its third year, with over 214 students actively participating. He also mentioned that the construction of the Al Rajhi Diabetes Center in Qassim is nearing completion, which will greatly benefit the region. The bank's blood donation campaign has continued successfully, with over 4,000 donors participating. Furthermore, the "Quick Donation" service campaigns via the Al Rajhi application for the "Ehsan" and "Joud Al-Iskan" platforms have raised more than 500 million riyals.

Abdullah bin Sulaiman Al Rajhi concluded by reaffirming the bank's commitment to playing a leading role in achieving the goals of Vision 2030. Financing for medium and small enterprises increased by 23%, real estate financing for citizens increased by 6%, and digital banking usage increased in the corporate and individual sectors. Furthermore, the bank continues to enhance gender diversity, with women now representing 30% of the total workforce.