Al Rajhi Bank net profit rises 16 percent in 2022 beating analysts’ estimates

(MENAFN) Saudi Arabia’s Al Rajhi Bank surpassed analysts’ forecasts to record a 16 percent rise in its yearly net profit last year led by greater operating revenue.

The overall net profit of the nation’s second-biggest valued bank amounted to SR17.15 billion (USD4.57 billion) last year, increasing from SR14.75 billion in 2021, as shown by a bourse statement issued on Monday.

Abdullah bin Sulaiman alrajhi, head of the board of directors, stated that the bank carried on to expand at every level and achieved its planned targets according to customer loyalty, investor confidence, as well as the expertise of its workers.

2022’s income surpassed last year analyst forecast of SR16.88 billion since the bank recorded a greater-than-estimated rate of operating income last year, according to figures from Refinitiv.

"We're proud to see growth in several sectors contributing to the success of the Kingdom's Vision 2030. Real estate financing for Saudis grew by 30 percent; small and medium enterprises financing saw a 61 percent increase; and we saw a growth in digital banking for both corporate and retail customers,” as reported by alrajhi.

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