Al-Rajhi Bank’s Profits Jump 66%

RIYADH, 11 July 2005 — The Saudi Al-Rajhi Banking and Investment Corp. (ARABIC) said yesterday its net profits for the first six months of 2005 rose by 66 percent to SR2.273 billion ($606 million). The figure compares to SR1.367 billion ($364.5 million) in the same period last year, the bank said in a statement. CEO Abdullah Al-Rajhi said the bank’s net assets jumped to SR88 billion ($23.4 billion) in the first half of 2005, while total revenues reached around SR3.56 billion ($949 million).