Saudi: Al Rajhi Bank logs $2.42bln profits in H1-24; dividends approved

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Riyadh – The net profits of Al Rajhi Bank climbed by 9.74% to SAR 9.10 billion in the first half (H1) of 2024 from SAR 8.29 billion in H1-23.

Earnings per share (EPS) stood at SAR 2.16 in H1-24, higher year-on-year (YoY) than SAR 1.97, according to the interim financials.

The bank witnessed clients' deposits valued at SAR 622.57 billion in the first six months (6M) of 2024, an annual rise of 9.09% from SAR 570.66 billion.

Assets grew by 10.59% to SAR 866.96 billion in H1-24 from SAR 783.93 billion a year earlier, while the investments climbed by 26.94% to SAR 153.02 billion from SAR 120.54 billion.

Financial Results for Q2-24

In the second quarter (Q2) of 2024, the Saudi lender's net profits reached SAR 4.69 billion, marking an annual surge of 13.20% from SAR 4.15 billion.

On a quarterly basis, the Q2-24 net profits hiked by 6.65% from SAR 4.40 billion Q1-24.

Dividends

The bank’s board recommended cash dividends after Zakat valued at SAR 5 billion, representing 12.50% of the share capital, for H1-24.

Al Rajhi Bank will pay out a dividend of SAR 1.25 per share for 4 billion eligible shares.

Eligibility and distribution dates will be 12 and 26 August 2024, respectively.