The financial statements of Al-Rajhi Bank revealed that the bank’s profits increased by 16.3% last year, to reach 17.15 billion riyals by the end of the year, compared to 14.75 billion riyals in 2021.
Al-Rajhi Bank said in a statement to the Saudi market (Tadawul), today, Monday, that the increase in profits during the comparison years is mainly due to an increase in net financing and investment income, income from banking services fees, income from foreign currency exchange, and income from other operations.
On the other hand, the total operating expenses of Al Rajhi Bank, including provision for credit losses, increased by 2% as a result of an increase in employee salaries and benefits, depreciation expense, and other general and administrative expenses. In addition, the provision for credit losses decreased from 2.345 billion riyals to 2.001 billion riyals, by 14.66%.
Al-Rajhi Bank customer deposits jumped by the end of last year by 10.3% to 564.925 billion riyals, compared to 512.072 billion riyals in 2021, and the bank’s profit per share increased from 3.69 riyals to 4.24 riyals during the comparison years.
Al Rajhi Bank stated that the basic and diluted earnings per share were calculated by dividing the net income adjusted for the cost of the first tranche sukuk by the weighted average number of issued and outstanding shares after giving a retroactive effect to the issuance of bonus shares 1.50 billion shares, the weighted average number of outstanding shares as on December 31, 2022 is 4 billion shares The diluted earnings per share is the same as the basic earnings per share.
