Al Rajhi Bank has achieved impressive financial success in 2024, with an unprecedented increase in its annual profits of 18.7%, bringing its total profits to 19.7 billion Saudi Riyals, compared to 16.6 billion Riyals in 2023. These remarkable results clearly reflect the bank's well-thought-out strategic plans implemented across all its business sectors, including financing, investment, and diverse banking services.
It is noteworthy that the fourth quarter of 2024 saw significant progress in the bank's performance, with profits rising exceptionally by 32%, reaching 5.5 billion Saudi Riyals. This surpassed expectations, which were set at 5 billion Riyals. This surge is a clear confirmation of Al Rajhi Bank's outstanding performance, driven by a notable 16.4% increase in operating income, supported by improvements in returns from financing and investments, as well as banking fees and foreign exchange transfer returns.
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Open real account TRY DEMO Download mobile app Download mobile appAs a result of these achievements, Al Rajhi Bank's stock, which leads the rise of the Saudi index, reached its highest level in more than two and a half years. Additionally, the bank's loan portfolio continued its progress, rising by 17% to reach 694 billion Saudi Riyals, reflecting the bank's ability to expand its financing operations and attract more customers. On the other hand, customer deposits grew by 10%, reaching 628 billion Riyals, which strengthens the bank's capacity to attract financial resources.
Despite these gains, the bank increased its credit loss provisions by 40%, reaching 2.1 billion Riyals, to ensure it is well-prepared to face future risks.
In this context, Al Rajhi Bank stated that these positive results are a direct outcome of its long-term strategy aimed at achieving sustainable growth in its financing and investment portfolio. The bank continues to diversify its sources of income to ensure continued expansion and growth over the long term.
Analysts believe that Al Rajhi Bank once again confirms its leading position in the Saudi financial sector, proving its ability to deliver excellent performance and achieve sustainable growth, with a focus on continuously increasing its customer base and strengthening its financial investments.
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