Al-Rajhi Bank has announced a net profit of SR 1,732 Million for the first quarter of this year (2009), compared to SR1, 602 million for the same quarter of the previous year, a rise of 8.1 percent, and compared to SR1424 million for the fourth quarter of the year 2008, an increase of 21.6 percent. The Managing Director and Chief Executive Officer of Al-Rajhi Bank Abdullah bin Suleiman Al-Rajhi attributed the hike in the profits to diversification of the portfolio of finance and investment, which led to the increase in revenues by 12.5 percent for the first quarter. He pointed out that the total income of operations during the first quarter amounted to SR 2, 740 million.
