Al-Rajhi’s Net Profit Up 49.6%

RIYADH, 14 April 2005 — Saudi Arabia’s largest listed bank Al-Rajhi Banking and Investment Corp. said yesterday its first-quarter net profit leapt 49.6 percent to SR935.6 million ($249.5 million). The bank said in a statement posted in the Saudi stock exchange website the increase was helped by the introduction of new banking services, particularly those offered through electronic channels.

Net assets were SR81.6 billion. Last year the company reported net assets of SR69.6 billion. Operating income reached SR1.6 billion, up from SR1.1 billion the bank reported in the first quarter of last year.

Al-Rajhi shares were trading up 2.47 percent at SR1,429.50 just before the profit announcement, when they were suspended until yesterday morning.