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.<\/p>\n
The profits for the third quarter of 2020 were 2.65 billion riyals.<\/p>\n
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.<\/p>\n
Revenues increased by 29% to 5.5 billion riyals, compared to 4.282 billion riyals during the same period last year.<\/p>\n
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,<\/p>\n
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.<\/p>\n
In addition, the provision for credit losses increased from 465 million riyals to 594 million riyals, at a rate of 27.7%.<\/p>\n
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.<\/p>\n
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.<\/p>\n
In addition, the provision for credit losses increased from 1,616 million riyals to 1,755 million riyals, at a rate of 8.6%.<\/p>\n
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.”<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":4,"featured_media":211625,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[278],"class_list":["post-211624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-featured"],"yoast_head":"\n