The financial statements of the Saudi Al-Rajhi Bank showed an increase in profits last year by 39.2% compared to the bank's profits in 2020.
According to the bank's results for the Saudi market (Tadawul), today, Monday, profits last year amounted to 14.746 billion riyals, compared to profits in 2020 of 10.596 billion riyals.
The bank said that the increase in annual profits last year was mainly due to the 24% growth in total operating income as a result of the increase in net income from financing and investment and income from banking fees.
Also, the provision for credit losses increased by 8.3%, and total operating expenses increased by about 4% due to the increase in salaries and employee benefits expense and depreciation expense.
