Al Rajhi Bank posts 4% profit rise to $2.82bn in 2020

Al Rajhi Bank posts 4% profit rise to $2.82bn in 2020

Al Rajhi Bank reported an annual net profit of SR 10.596 billion ($2.82 billion) for 2020, a rise of 4 percent, compared to a net profit of SAR 10.158 billion a year earlier.

The higher net profit was spurred by a 6.3 percent year-on-year (YoY) increase in total operating income, amid a rise in net special commission income, income fees from banking services, net exchange income, and other operating income.

The fourth-quarter net profit jumped 35 percent YoY to SR 3.121 billion.

Shareholders' equity, excluding minority interest, increased by 13.5 percent YoY to SR 58.119 billion by the end of 2020.

 

IMF says vaccines to fuel Mideast recovery, tough path ahead

Updated 39 sec ago

February 04, 2021 07:03

DUBAI: Broad access to different coronavirus vaccines remains crucial for an economic recovery in the Mideast, the International Monetary Fund said Thursday, warning the path ahead remains "long and winding“ for countries already struggling with corruption and debt.

The IMF revised its 2020 economic outlook upward for the Mideast and North Africa, now predicting only a 3.8 percent contraction as higher oil prices boosted budgets for producers and some countries suffered less than anticipated during the pandemic's first months.

However, war-torn and debt-mired nations could be further hurt by a