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Al Rajhi Bank’s net profit vaults 44% to $2.86bn

Shareholders’ equity, excluding minority interest, increased to SR 63.637 billion.
By TRENDS Desk
October 24, 2021 1:49 pm
  • The higher net profit for Q3 2021 is spurred by 43 percent year-on-year to SR 3.794 billion, compared to the third quarter of 2020
  • The bank attributed the profit increase to the rise in total operating income by 26.4 percent, as a result of higher net financing and investment income

Al Rajhi Bank of Saudi Arabia posted a 44 percent rise in net profit to $2.86 billion for the first nine months of 2021. The bank had earned $1.992 billion in the same period last year.

The higher net profit for Q3 2021 is spurred by 43 percent year-on-year to SR 3.794 billion, compared to the third quarter of 2020.

The bank attributed the profit increase to the rise in total operating income by 26.4 percent, as a result of higher net financing and investment income.

Shareholders’ equity, excluding minority interest, increased to SR 63.637 billion, compared to SR 54.919 billion at the end of the same period of 2020.

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