Al Rajhi Bank reports 21% profit hike in H1-22 initial financials

Al Rajhi Bank reports 21% profit hike in H1-22 initial financials

Al Rajhi Bank reported an increase of 20.9% in net profits for the first half (H1) of 2022 at SAR 8.4 billion, compared with SAR 6.9 billion in the corresponding period in 2021.

Earnings per share (EPS) were SAR 2.08 in H1-22, compared with SAR 1.74 in H1-21, according to the interim financials on Sunday.

Meanwhile, clients’ deposits during the six-month period ended in June 2022 hiked by 23.6% year-on-year (YoY) to SAR 552.96 billion, while assets jumped by 29.96% YoY in H1-22 to reach SAR 709.8 billion.

During the second quarter (Q2) of the year, the Saudi lender logged net profits worth SAR 4.3 billion, up 18.11% from SAR 3.6 billion in Q2-21.

It is worth noting that during Q1-22, Al Rajhi Bank generated net profits of SAR 4.13 billion, a 23.95% YoY rise from SAR 3.33 billion.