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Al-Rajhi Bank profits jump in third quarter this year

Al-Rajhi Bank

The profits of Al-Rajhi Bank jumped, in the third quarter of this year, to 3.79 billion riyals, an increase of 42.7% compared to the same quarter last year.

The profits for the third quarter of 2020 were 2.65 billion riyals.

Al-Rajhi Bank said that its net profit amounted to 3.79 billion riyals, compared to 2.658 billion riyals during the same period last year.

Revenues increased by 29% to 5.5 billion riyals, compared to 4.282 billion riyals during the same period last year.

The net income rose as a result of an increase in total operating income by 27.7%, mainly due to the increase in net financing and income from investment, banking services fees, foreign currency conversion and from other operations, the bank said,

At the same time, total operating expenses increased by 7.3% due to an increase in depreciation expense and employee salaries and benefits expenses, offset by a decrease in other general and administrative expenses.

In addition, the provision for credit losses increased from 465 million riyals to 594 million riyals, at a rate of 27.7%.

During the first nine months of this year, net profit increased by 43.6% to 10.7 billion riyals, compared to 7.47 billion riyals during the same period last year.

The total operating expenses increased by 4.5% as a result of an increase in employee salaries and benefits expenses, other general and administrative expenses, and depreciation expenses.

In addition, the provision for credit losses increased from 1,616 million riyals to 1,755 million riyals, at a rate of 8.6%.

In a related context, Al Rajhi Bank launched the new identity of the bank, which is considered a departure from being a leading bank in the region to a strategy of enabling financial solutions in a way that meets the prosperous future of the human being under the name of “post-banking.”

The bank also announced that by launching the new identity, the services it provides will go beyond being a bank that provides banking products to a financial system led by its competent employees who design smart financial solutions.

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