RIYADH, 26 April — Al-Rajhi Banking and Investment Corporation (ARABIC), the leading publicly traded commercial bank of the Kingdom, has announced here today a net profit of SR439.8 million during the first quarter of this year.
ARABIC, which is the largest listed bank in the Middle East, has reported its profits to soar by 1.5 percent during the first quarter compared with the same period last year, said a statement released by the bank today. The bank’s total profits during the first quarter of 2000 exceeded SR433.1 million.
The bank, which operates more than 362 branches in the Kingdom and accounts for 13.6 percent of the Saudi market, said that its total assets touched SR51.75 billion mark during the first quarter of this year compared to SR48.75 billion recorded during the same period a year before.
ARABIC has embarked on an ambitious Saudization program offering a large number of jobs to fresh graduates.