Riyadh – Mubasher: Al Rajhi Bank registered SAR 4.40 billion in net profit during the first quarter (Q1) of 2024, higher by 6.27% than SAR 4.14 billion in Q1-23.

The clients’ deposits stood at SAR 603.97 billion as of 31 March 2024, an annual rise of 8.59% from SAR 556.19 billion, according to the interim financials.

Earnings per share (EPS) increased year-on-year (YoY) to SAR 1.05 in Q1-24 from SAR 0.99.

The assets climbed by 7.75% to SAR 835.99 billion in the first three months (3M) of 2024 from SAR 775.79 billion a year earlier. Meanwhile, the investments jumped by 24.70% to SAR 142.07 billion from SAR 113.92 billion.

On a quarterly basis, the Q1-24 net profits rose by 5.61% from SAR 4.17 billion in Q4-23.

In 2023, the lender posted a 3.09% YoY drop in net profit to SAR 16.62 billion, compared to SAR 17.15 billion.

Facility Agreement

Middle East Specialized Cables Company (MESC) secured a credit facility deal with Al Rajhi Bank valued at SAR 100 million.

The company obtained the loan, on 28 April, or one year to boost its working capital.

Meanwhile, the agreement is secured by a promissory note for full facility value, assignment of insurance process, and purchase order proceeds for some customers.