Al-Rajhi Bank revealed that the Saudi Central Bank imposed 56 violations on the bank during the year 2022, amounting to a total of 39.7 million riyals, compared to 40 violations imposed on the bank during the year 2021, amounting to a total of 23.3 million riyals.
According to the report of the Board of Directors of Al-Rajhi Bank, published on the financial market website “Tadawul”, 49 violations came as a result of violating the supervisory instructions of the Central Bank of Saudi Arabia with a value of 38.5 million riyals, and 4 violations of the instructions of the Saudi Central Bank related to customer protection with a value of 1.06 million riyals, and 3 violations with a value of 150 thousand riyals. As a result of violating the instructions of the Central Bank of Saudi Arabia regarding due diligence in combating money laundering and terrorist financing.
On the other hand, the fines signed by the Ministry of Municipal and Rural Affairs amounted to about 306 thousand riyals, due to the increase in the building rate of ATMs, the absence of setbacks, the presence of advertising posters on the facades of branches and ATMs, and the lack of a license for some of the bank’s sites, compared to 924.3 thousand riyals imposed by the ministry on the bank in The year is 2021.
It is noteworthy that the profits of Al-Rajhi Bank rose to 17.2 billion riyals by the end of the year 2022, an increase of 16.3%, compared to 14.7 billion riyals in profits recorded in 2021, and according to the bank, net income increased as a result of the growth of total operating income by 11.12%, mainly due to an increase in net income. Finance and investment income, income from fees from banking services, income from foreign currency exchange, and income from other operations.
On the other hand, total operating expenses, including provision for credit losses, increased by 1.95% as a result of an increase in employee salaries and benefits, depreciation expense, and other general and administrative expenses. In addition, the provision for credit losses decreased from 2,345 million riyals to 2,001 million riyals, by 14.66%.
