Al-Rajhi’s annual profit increased by 4%, to reach 10.6 billion riyals

Al-Rajhi Bank achieved a growth of 4.3% in net profit to reach 10.59 billion riyals in 2020, compared to 10.159 billion riyals in 2019.

According to Arabiya Net, the bank said that net income increased as a result of the increase in total operating income by 6.3% as a result of the increase in net income from special commissions, and income from operations fees. Banking, income from foreign currency conversion, as well as income from other operations.

On the other hand, total operating expenses increased by 9.2%, mainly due to the increase in salary and employee benefits, other general and administrative expenses, and depreciation expenses, in addition to a higher custom expense Credit losses from 1,772 million riyals to 2.166 billion riyals, a rate of 22.2%.

At the level of the fourth quarter, the bank was able to increase its net profit by 35% to 3.12 billion riyals, which exceeded analysts' expectations, which came at 2.7 billion riyals.