‎Al Rajhi Bank has strong financial position, NPL coverage ratio above 260%: Chairman

‎Al Rajhi Bank has strong financial position, NPL coverage ratio above 260%: Chairman

Abdullah bin Sulaiman Al Rajhi, Chairman of the Board of Directors, announced that Al Rajhi Bank earned SAR 17.151 billion in net profits in 2022, up from SAR 14.746 billion in the previous year 2021, a 16% increase.

Al Rajhi stated that the Bank continued to grow at all levels and achieved its strategic goals based on customer loyalty, investor confidence, and the professionalism of its employees, who continued excellence and innovation to provide the best banking experience for our retail and corporate customers. He and the Board of Directors expressed gratitude to the Bank's and its subsidiaries employees, as well as to the Saudi Central Bank for its efforts and support for the Kingdom's financial sector.

He emphasized the bank's financial strength, as it continued to support its prudent risk management, which reflected positively on its financial position, as the percentage of non-performing loans coverage ratio was greater than 260%.

He highlighted some of the bank's major accomplishments in 2022, including winning seven awards nationally and internationally, including five in the housing and real estate finance sectors. The bank also won the Best Investor Relations Program Award as part of the Saudi Capital Market Awards for the second time in a row.

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