Al-Rajhi Bank's 2000 net profit rose 1.85 billion

Saudi Arabia's Al-Rajhi Banking and Investment Corp's profit rose 23 percent to 1.85 billion riyals ($494 million) compared with the previous year. A company statement said, "the board of directors of the Riyadh-based bank has recommended distributing some 1.26 billion riyals in dividends of 28 riyals per share. Operating income stood at 3.7 billion riyals by end 2000 and customer deposits reached 34.4 billion riyals."

Al-Rajhi Bank's managing director Abdullah Al-Suleiman Al-Rajhi said, "The rise in net profits was achieved despite an unspecified increase in provisions for bad debts. The bank set up 55 new branches to bring the total to 362 by end 2000", Mr. Al Rajhi added. Al-Rajhi Bank operates according to Islamic law, which forbids the payment and receipt of interest.