Al Rajhi Banking and Investment: Euromoney Saudi Arabia best bank

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Alrajhi Bank emerges from the pandemic in great shape. The Kingdom’s financial leader posted a net profit of SR14.75 billion ($3.93 billion) in 2021, up 39.2% year on year. Return on average equity was 23.9%, with return on average assets of 2.7%. Net financing and investment income stood at SR20.4 billion, up 21% from a year earlier, with total assets jumping 33% to SR624 billion.

Alrajhi Bank has started the new year well. It recorded a 24% year-on-year increase in net profit in the first three months to SR4.13 billion, with assets up 28.4%, deposits up 20.6% and operating profit up 17% from the same period a year ago.

The bank also received shareholder approval to increase its share capital by 60% to $10.66 billion and to distribute a cash dividend of SR 1.4 per share for the full year, pushing its share price. share at an all-time high. And in January 2022, the lender completed the sale of SR6.5 billion of Tier 1 perpetual sukuk bonds through a private placement.

The bank saw the number of digital customers soar to 14 million at the end of 2021, against 7.9 million a year earlier, with 96% of new customers onboarded entirely digitally. The Riyadh-based lender also introduced a series of new or improved digital services during the award period, including digital promissory notes, online mortgage applications, QR code automation and opening end-to-end current accounts for retail and small and medium businesses. mid-size business customers.

The bank unveiled a new e-business platform for startups and corporations, an AI-based engine that processes unstructured data, and a digital service that allows retail and corporate customers to book branch appointments through their desktop computer or mobile phone.

Disclaimer

Al Rajhi Banking & Investment Corporation SJSC published this content on July 17, 2022 and is solely responsible for the information contained therein. Distributed by Audienceunedited and unmodified, on Jul 17, 2022 12:33:07 UTC.

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