Al Rajhi Bank announced on Wednesday to the Saudi Stock Exchange (Tadawul) that its net annual profit for 2024 -after deducting Zakat and tax- has increased by 18.66% to 19.722 billion riyals compared to a net profit of 16.621 billion riyals achieved by Al Rajhi Bank in 2023.
Additionally, the volume of investments during the past year grew by 31.23% to reach 175.034 million riyals. The loan and advances portfolio (financing and investment) also witnessed growth of 16.7% to reach 693.410 million riyals, while the volume of customer deposits increased by 9.62% to reach 628.239 million riyals.
At the same time, Al Rajhi Bank indicated that the earnings per share rose to 4.67 riyals last year, compared to 3.95 riyals achieved by the Saudi bank's share the year before.
In this regard, Al Rajhi Bank stated that the reason for the increase in net annual profits is attributed to the rise in net income resulting from a 16.4% increase in total operating income due to the increase in net income from financing and investment, income from banking service fees, income from other operations, and income from foreign currency exchanges.
At the end of Saudi stock market trading today, Al Rajhi Bank's share (TADAWUL: 1120) concluded today’s trading up by 4.5 riyals or 4.69% to 100.4 riyals per share.
