Banking & Finance Al Rajhi Bank Q1 profit up 6% as operating income rises By Pramod Kumar April 29, 2024, 9:19 AM Creative Commons Al Rajhi Bank’s total operating income increased 6.6 percent annually The net profit of Al Rajhi Bank, the second-largest lender by assets in Saudi Arabia, rose 6 percent year on year to SAR4.4 billion ($1.2 billion) in the first quarter of 2024, driven by higher operating income. Total operating income increased 6.6 percent annually due to a rise in net financing and investment income. Total operating expenses, including impairment charges for financing, increased by 7.2 percent as depreciation expenses, salaries, and employee-related benefits rose. NewsletterGet the Best of AGBI delivered straight to your inbox every week NewsletterGet the Best of AGBI delivered straight to your inbox every week In addition, the impairment charge for financing increased 17.3 percent year on year to SAR 421 million. However, fees from banking services and exchange income declined. US treasury holdings high in Saudi Arabia’s estimation Two of Saudi’s largest listed banks mull $2.7bn dividend Saudi’s Al Rajhi Bank plans dollar sustainable sukuk Net profit increased by 5.6 percent quarter on quarter from SAR4.2 billion in the fourth quarter of 2024 as operating income rose 2.5 percent and operating expenses fell by 3.7 percent. Last month, the bank’s shareholders approved a dividend payout of SAR4.6 billion for the second half of 2023. The total dividend paid is SAR9.2 billion. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
