Euromoney: Al Rajhi Bank Recognized as the Best Islamic Bank in the Middle East 2010

Euromoney Magazine has announced Al Rajhi Bank as the winner of the Best Islamic Bank in the Middle East Award for 2010 as part of the Islamic Finance Awards which was unveiled earlier last week.

 

The judging committee stated in its report the reasons why Al Rajhi Bank was selected as the Best Islamic Bank in the Middle East describing it as the most successful Bank in the Saudi market which therefore is the most essential market in the Middle East, as stated by Euromoney Magazine. Furthermore, the committee highlighted on the Bank’s Q3 financial results for 2010 and marked Al Rajhi Bank as most profitable Bank in the region. 

The committee has also commented on the Al Rajhi Bank’s strategic planning and the success of its plans execution which has helped them reach to the level they are at today in the financial market locally and regionally.

 

Euromoney Magazine’s awards are considered to be one of the most trusted and important awards in the financial industry. The awards are given based on certain criteria such as innovation and excellence in providing financial products and services in the market the Bank is operating at.
This award marks itself as the second from Euromoney Magazine in 2010 in which Al Rajhi Bank has been previously awarded in 2010 as the Best Bank in Saudi Arabia. Its excellent results achieved in the midst of the economic downturn showed sustained and balanced growth in its return on assets and return on equity with outstanding growth rates in almost all its financial results.

 

Despite all the challenges faced by the banking and financial sectors in the current period, Al Rajhi Bank was able to maintain its leading position for the sixth consecutive years as the highest profit Bank among all Saudi Banks, which helped the Bank’s stability and continuity of its dividends to its shareholders.

 

Al Rajhi Bank achieved a net profit for 2010 amounted to 6,771 Million Saudi Riyals compared to 6,767 Million Riyals in 2009. Al Rajhi financial results showed that the total operating income amounted 11,661 Million Riyals compared to 11,505 Million Riyals in 2009, with an increase of 1.4%, while the net financing income was 8,861 Million Riyals in 2010 compared to 8,390 Million Riyals in 2009, with an increase of 5.6%, and the revenues of banking services fees were 1,634 Million Riyals compared to 1,427 Million Riyals in 2009, with an increase of 14.5%.The net profit of the Bank before the provisions was 8,680 Million Riyals compared with SR 8,528 Million Riyals for the previous fiscal year, with an increase of 2%.