Al Rajhi Bank reports NPLs coverage ratio of over 318% in Q1 2021, says chairman

Chairman of Al Rajhi Bank Abdullah Al Rajhi

Al Rajhi Bank reported non-performing loan (NPLs) coverage ratio of more than 318% in Q1 2021, chairman Abdullah Al Rajhi said in a statement.

“Al Rajhi Bank, in support of its conservative financial policy and to avoid any potential effects of COVID-19, has set aside additional financial allocations, which reflected positively on the strength of the bank's financial position,” Al Rajhi said on the sidelines of his comment on the bank’s financials.

Al Rajhi Bank reported net profit of SAR 3.335 billion in Q1 2021, up by 40% year-on-year (YoY), Argaam reported.