Al Rajhi Bank records strong performance

AL RAJHI Bank, the world's largest Islamic banking group, has achieved highest net profit among Saudi banks.

As of December 31 2011, the bank posted a net profit of 7,378 million riyals (RM5.95 billion), an increase of nine per cent from last year.

Its shareholders' equity reached 33 billion riyals (RM26.61 billion), up 8.3 per cent from last year, while total assets increased 20 per cent to 185 billion riyals (RM149.17 billion) last year.

Al Rajhi Bank chief executive officer and managing director Abdullah Suleiman Al Rajhi said in a statement that the bank's strong performance was due to the diversification of revenue sources and development of both the investment and banking sectors.

The bank expects to maintain the financial results, and is committed to giving its shareholders profitable revenues and offering "excellent" service to its customers throughout its large branch network in Saudi Arabia, Malaysia, Kuwait and Jordan.

Meanwhile, Al Rajhi Bank Malaysia's new chief executive officer Azrulnizam Abd Aziz said the bank constantly strives to be on par with other banks in Malaysia.

"(The performance) is reflective of the commitment and dedication that Al Rajhi has for its valued customers in providing innovative and fitting financial solutions which are in line with Islamic values," he said.

Meanwhile, Al Rajhi was named "Best Islamic Retail Bank" in Islamic Finance News Awards 2011 unveiled last week.

The bank was also named the "Best Islamic Bank" in Saudi Arabia and "Best Islamic Retail Bank" for the fourth straight year.

The IFN Awards honours the best in the Islamic financial industry and is one of the most prestigious awards and highly recognised by the global Islamic capital markets, the AlRajhi statement said.