Riyadh—Amlak
Al Rajhi Bank posted net profits of 1.7 million riyals for the first quarter of 2014, a 10% increase over the previous quarter. This was announced by Sulaiman bin Abdulaziz Al-Zabin, CEO of Al Rajhi Bank.
Al-Zabin explained that during the first quarter of 2014, Al Rajhi Bank was able to maintain a steady growth rate in its performance, as reflected in the positive results across the bank’s various sectors and its banking and investment activities, which helped strengthen its customer base and banking operations. Al Rajhi Bank achieved an increase in total assets by the end of the first quarter of this year, reaching 288 billion riyals, compared to 276 billion riyals in the same quarter of the previous year.
The bank’s liquidity base recorded steady growth to support investment and financing activities for various customer segments, thereby increasing investment and financing activities by 9 billion riyals to reach 236 billion riyals, He also emphasized that customers“ continued confidence in the bank, its strong financial position, and the quality of its services contributed to an increase in deposits to 239 billion riyals—an increase of 7 billion riyals—by the end of the first quarter of 2014.
He added that the bank’s outstanding performance, consistent positive results, and the steps it has taken to solidify its leading position within the banking sector at the local, regional, and international levels, are reflected in the numerous awards the bank has received in recognition of its excellence. Al Rajhi Bank has maintained its position as the best bank in the Kingdom and the world according to leading global financial institutions such as ”AsiaMoney,” , ”Global Finance,” and ”Euromoney.”
Al-Zaben noted that during the first quarter, the bank completed the opening of its 500th branch within the Kingdom—the largest network in the Middle East—and also launched a series of other branches representing a new generation of branch models that embody the bank’s commitment to providing exceptional customer service through design andmechanics. The new-generation branches will offer a quantum leap in comfort and convenience inside the branch, as well as aesthetic appeal and architectural distinction on the outside.