Riyadh – Mubasher: Al Rajhi Bank generated net profits worth SAR 4.14 billion in the first quarter (Q1) of 2023, up 0.27% from SAR 4.13 billion in Q1-22.

The earnings per share (EPS) declined to SAR 0.99 in Q1-23 from SAR 1.03 in the year-ago period, according to the initial financial results.

During the first three months (3M) of 2023, the clients’ deposits amounted to SAR 556.19 billion, higher by 9.51% year-on-year (YoY) than SAR 507.89 billion.

Assets jumped by 18.08% YoY to SAR 776.19 billion as of 31 March 2023 from SAR 657.33 billion, while the investments hiked by 22.38% YoY to SAR 114.73 billion from SAR 93.75 billion.

On a quarterly basis, the Q1-23 net profits dropped by 5.88% from SAR 4.40 billion in Q4-22.

Earlier this month, Al Rajhi Bank paid out SAR 5 billion as cash dividends for 2022.

Last year, the Saudi lender witnessed 16.31% higher net profits at SAR 17.15 billion, versus SAR 14.74 billion in the January-December 2021 period.