With a 10% increase, Al Rajhi Bank Achieves SR 1.7 billion for the first quarter of 2014
Mr. Suliman Bin Abdulaziz Azzabin, CEO of Al Rajhi Bank announced the financial results for the first quarter of 2014 which had recorded a net profit of SR 1.7 Billion, a 10% increase from the previous quarter.
Mr. Azzabin further explained that during the first quarter, Al Rajhi Bank was able to maintain a steady performance growth rate which reflected in the positive results of various bank sectors and in the banking and investment activities. This success has helped enforce the bank’s customer base and banking activities. Al Rajhi Bank recorded an increase in total assets by the end of the first quarter of 2014 reaching SR 288 billion, compared with the SR 276 billion of the same quarter of the previous year.
The bank’s liquidity base recorded a steady growth to support investment activity and funding for various customer segments, and thus increasing investment activity and financing by SR 9 billion, achieving SR 236 billion. The CEO also stressed that customers’ ongoing trust in the bank along with its solid financial position and quality of its services, has contributed to the increase in deposits which reached SR 239 billion, an increase of SR 7 billion by the end of the first quarter of 2014.
The CEO added that the bank’s outstanding performance and its on-going positive results along with the steps it has taken to secure its leading position in the banking sector on local, regional and international levels, have all reflected in the many appreciation awards the bank received in recognition of its excellence. Al Rajhi bank has maintained its position as the best bank in the Kingdom of Saudi Arabia and the world according to the most prestigious global financial institutions such as “Asia Money”, “Global Finance” and “Euromoney”.
Mr. Azzabin also highlighted that during the first quarter the bank reached 500 branches within the Kingdom i.e. the biggest branch network in the Middle East. Around the same time, the bank launched a group of new generation branches that display the bank’s focus on serving customers in a more distinct way through design and machines which will offer a quantum leap in terms of comfort and processes within the branch and will add architectural beauty on the outside.
The CEO then thanked the bank’s customers for their on-going confidence, and congratulated bank shareholders and employees on the positive outcomes which are result of their affiliation, dedication and continuous motivation towards innovation, commitment and diligent efforts.