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Al Rajhi Bank announces 2 key appointments

Al Rajhi Bank announces 2 key appointments
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Riyadh – Mubasher: Al Rajhi Bank has appointed Abdullah bin Sulaiman Al Rajhi as the Chairman of the board for the next three years.

The lender also named Ibrahim bin Mohammed Al Romaih as the Vice Chairman, according to a bourse disclosure.

The Saudi Central Bank (SAMA) greenlighted the two appointments on 27 November.

Meanwhile, the two officials assumed their roles for a new board term that began on 14 November 2023 and will remain in position until 13 November 2026.

In the first nine months (9M) of 2023, the listed bank generated 1% lower net profits at SAR 12.45 billion, compared to SAR 12.74 billion in 9M-22.

The assets of Al Rajhi Bank grew by 8.31% to SAR 801.48 billion as of 30 September 2023 from SAR 739.96 billion a year earlier, while the investments hiked by 26.41% to SAR 128.70 billion from SAR 101.80 billion.