Saudi Arabia's Al Rajhi Bank posts 39% rise in 2021 profit as operating income grows
Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets, reported a 39 per cent rise surge in its 2021 net profit as operating income rose steeply on the back of the kingdom's economic recovery.
Net profit for year ended December reached 14.74 billion Saudi riyals ($3.9bn), the lender said in a statement on Sunday to the Tadawul Stock Exchange, where its shares are traded.
Total operating income was up 24.1 per cent a year in 2021 to 25.7bn riyals, thanks to an increase in net financing and investment income, which grew 21 per cent, fees from banking services, which rose 48 per cent, and other operating and exchange income.
Operating expenses during the period rose 4.1 per cent due to an rise in salaries and employee benefits, depreciation expenses and other administrative expenses. There was also an 8.3 per cent increase in impairment charges for financing.
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