The Arab Today | News Website

Al Rajhi Bank in Saudi Arabia made 19% more profit in 2024, reaching $5.3 billion, which helped increase its market value

BY THE ARAB TODAY Jan 30, 2025

Al Rajhi Bank in Saudi Arabia made 19% more profit in 2024, reaching $5.3 billion, which helped increase its market value

Al Rajhi Bank in Saudi Arabia made 19% more profit in 2024, reaching $5.3 billion, which helped increase its market value

Al Rajhi Bank in Saudi Arabia reported a 19% increase in its net profit for 2024, reaching $5.3 billion (SAR 19.7 billion). This exceeded analysts’ expectations, thanks to higher income from financing and investments.

Financial Performance

The bank’s results were better than the expected $5 billion (SAR 18.7 billion), based on LSEG data. Total income grew 16% to $8.5 billion (SAR 32 billion), helped by a 17% increase in the financing portfolio and a 31% rise in investments.

Provisions for potential credit losses went up 41% from last year to $559.9 million (SAR 2.1 billion). Total assets grew 20% to $251.7 billion (SAR 944 billion). Loans and advances increased by 16.7% to $184.8 billion (SAR 693 billion), while customer deposits grew 9.6% to $167.5 billion (SAR 628 billion).

Al Rajhi Bank’s earnings per share were $1.3 (SAR 4.67), up from $1.05 (SAR 3.95) a year earlier. The bank also announced a second-half dividend of $0.39 (SAR 1.46) per share, up from $0.31 (SAR 1.15) last year.

Gulf Markets

Most stock markets in the Gulf were lower on Wednesday, as many companies reported disappointing earnings. However, Saudi Arabia’s stock index (TASI) rose by 0.8%, helped by a 3.5% increase in Al Rajhi Bank’s shares after its good results. Later in the day, the index dropped by 0.13% as Al Rajhi Bank’s shares fell by 2.8%.

Dubai’s main index (DFMGI) dropped 1%, hurt by an 8.4% fall in Emirates NBD, which had its worst drop in nearly five years. Emirates NBD reported a profit of $1.1 billion (AED 4 billion) in the fourth quarter, which was a little lower than last year’s and below analysts’ expectations.

The Abu Dhabi index (FTFADGI) fell 0.3%, mainly because of a 1.02% drop in Abu Dhabi Islamic Bank (ADIB), after it reported a decrease in annual profit to $400.3 million (AED 1.5 billion) from $408.5 million (AED 1.5 billion) the previous year.

Meanwhile, Saudi Telecom Company (stc) went up 0.7% after announcing a $8.7 billion (SAR 32.6 billion) contract from a government agency to develop and run telecom infrastructure.

In Qatar, the index (QSI) fell 0.4%, led by a 2.4% drop in Qatar Gas Transport (Nakilat), after it cut its annual dividend. The company, which is the world’s biggest LNG shipper, reported a profit of $450.2 million (QAR 1.64 billion), up from $428.2 million (QAR 1.56 billion) last year.

Recent Developments

In mid-January, Al Rajhi Bank issued $1.5 billion in US dollar-denominated sustainable sukuk.

Earlier in May 2024, the bank issued $1 billion in sustainable sukuk, offering a return of 6.375% per year, which was lower than the original offer of 6.875%.

In March, the bank raised another $1 billion through five-year sukuk, offering a 5.047% return per year.

Published: 30th January 2025

For more article like this please follow our social media Twitter, Linkedin & Instagram

Also Read:

Saudi National Bank’s profit rises 6% to $5.7B in 2024
Emirates NBD’s 2024 profit rises 7% to $6.3B on loan growth
Georges Hobeika SS25 Couture Collection Pays Tribute to Mother


Abu Dhabi, Investment, Real Estate
Abu Dhabi-listed Investcorp Capital spends over $300M to buy student housing in the US

Abu Dhabi-listed Investcorp Capital spends over $300M to buy student housing in the US Investcorp Capital, a company based in Abu Dhabi,…

Economy, Finance, Lebanon
Lebanon’s government will discuss a new plan with the IMF to fix its financial crisis and debt

Lebanon's government will discuss a new plan with the IMF to fix its financial crisis and debt Lebanon's government will talk with…

Beauty, Lifestyle, Skincare
Low Iron? Try Combining It With This Vitamin

Low Iron? Try Combining It With This Vitamin Iron deficiency is a widespread nutritional concern that affects millions of people globally, leading…

Economy, UAE, Ukraine
UAE and Ukraine sign trade deal to work together and grow business opportunities

UAE and Ukraine sign trade deal to work together and grow business opportunities On Monday, the UAE signed a trade agreement with…

Economy, Oil, Saudi Arabia
Saudi Arabia’s annual inflation increased to 2% in January, mainly due to a rise in housing and rental prices

Saudi Arabia's annual inflation increased to 2% in January, mainly due to a rise in housing and rental prices Saudi Arabia's annual…