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Al Rajhi Bank records nearly SAR 4bn profits in Q3

Al Rajhi Bank records nearly SAR 4bn profits in Q3
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Riyadh – Mubasher: Al Rajhi Bank achieved a 42.7% increase in net profits to SAR 3.79 billion during the third quarter (Q3) of 2021 from SAR 2.65 billion in Q3-20, according to the initial financial results on Sunday.

On a quarterly basis, the Q3-21 profits were 5% higher than SAR 3.6 billion in Q2-21.

As for the first nine months of 2021, the Saudi lender recorded net profits worth SAR 10.73 billion, a surge of 43.6% from SAR 7.47 billion in the same period last year.

Earnings per share amounted to SAR 4.29 for the January-September 2021 period, compared with SAR 2.99 in the prior-year period.

The bank’s assets grew by 35.4% year-on-year (YoY) to SAR 582.68 billion at the end of September 2021 from SAR 430.3 billion.

Clients’ deposits also soared by 38.5% YoY to SAR 478.33 billion in the nine-month period this year from SAR 345.32 billion.