Strong Profit Growth Reported by Al Rajhi Bank in 2Q 2021 Led by Economic Recovery

Saudi Arabia’s Al Rajhi Bank recorded SAR 3.61 billion in net income in the second quarter of 2021 (2Q 2021) ended June, up 48% year-on-year (YoY). In a Bourse filing to the Saudi Stock Exchange (Tadawul) on the 1st of August 2021, Al Rajhi Bank stated that the 32% YoY increase in operating profit was led by a 27% YoY increase in income from special commissions, financing and investments.

Why it Matters?

According to a statement by Al Rajhi Bank, the bank continued to strengthen its conservative approach and to avoid possible impact of the pandemic, leading it to placing additional provisions. Following tough operating conditions in 2020 amidst the disruptions caused by the COVID-19 pandemic, banks in Saudi Arabia are seeing improved performance...