Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets, reported a 24 per cent jump in its first-quarter net profit as total operating income rose on the back of the kingdom's economic recovery.
Net profit for the three months to the end of March climbed to 4.1 billion Saudi riyals ($1.1bn), the bank said in a statement to the Tadawul stock exchange, where its shares are traded. Total operating income for the period rose 17 per cent to 7bn riyals. Total income from special commissions and investments also surged 20 per cent to 6bn riyals.
“Net income increased due to an increase in total operating income … caused by an increase in net financing and investment income, fees from banking services, other operating income and exchange income,” the bank said.
Total operating expenses rose 5.3 per cent due to an increase in salaries and employees’ related benefits, depreciation expenses and other general and administrative expenses, the bank added.
Total assets jumped 28 per cent to 658bn riyals, while customer deposits rose 21 per cent to 508bn riyals.
Saudi Arabia, the Arab world’s largest economy and Opec’s biggest oil producer, recovered strongly from the coronavirus pandemic. The kingdom's economy is forecast to grow 7.7 per cent this year from 3.2 per cent last year, helped by higher oil prices and a robust non-oil sector, Jadwa Investment said in a report this month.
The International Monetary Fund also revised its growth forecast for the kingdom in its latest World Economic Outlook on the back of higher oil prices.
Saudi Arabia's economy is now predicted to grow 7.6 per cent this year, up 2.8 percentage points from the IMF's January estimates, and 3.6 per cent in 2023, up by 0.8 percentage points from the previous estimates, the Washington-based fund said last week.
Banks' domestic credit growth is expected to “stay strong” in 2022-2023 after the sharp 15 per cent surge last year as the government focuses on meeting its targets as part of the vision 2030 strategy and Saudi nationals seek loans for housing, S&P Global Ratings has said.
Lenders will also benefit from expected interest rate rises this year, as they experience an increase in profit and register a potential shift from demand deposits to savings accounts, the ratings agency said.
Al Rajhi Bank announced a $4bn capital increase plan to grow its business earlier this year.
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
UAE%20SQUAD
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SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Company%20Profile
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Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
Keane on …
Liverpool’s Uefa Champions League bid: “They’re great. With the attacking force they have, for me, they’re certainly one of the favourites. You look at the teams left in it - they’re capable of scoring against anybody at any given time. Defensively they’ve been good, so I don’t see any reason why they couldn’t go on and win it.”
Mohamed Salah’s debut campaign at Anfield: “Unbelievable. He’s been phenomenal. You can name the front three, but for him on a personal level, he’s been unreal. He’s been great to watch and hopefully he can continue now until the end of the season - which I’m sure he will, because he’s been in fine form. He’s been incredible this season.”
Zlatan Ibrahimovic’s instant impact at former club LA Galaxy: “Brilliant. It’s been a great start for him and for the club. They were crying out for another big name there. They were lacking that, for the prestige of LA Galaxy. And now they have one of the finest stars. I hope they can go win something this year.”
Match info
Deccan Gladiators 87-8
Asif Khan 25, Dwayne Bravo 2-16
Maratha Arabians 89-2
Chadwick Walton 51 not out
Arabians won the final by eight wickets
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
'Joker'
Directed by: Todd Phillips
Starring: Joaquin Phoenix
Rating: Five out of five stars
Bangladesh tour of Pakistan
January 24 – First T20, Lahore
January 25 – Second T20, Lahore
January 27 – Third T20, Lahore
February 7-11 – First Test, Rawalpindi
April 3 – One-off ODI, Karachi
April 5-9 – Second Test, Karachi
BMW%20M4%20Competition
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E3.0%20twin-turbo%20inline%20six-cylinder%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%20eight-speed%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E503hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20600Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20from%20Dh617%2C600%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%0D%3C%2Fp%3E%0A
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
