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Sun 22 Nov 2009 12:41 PM

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The Middle East’s 25 smartest banks-Al Rajhi Bank

The Middle East’s 25 smartest banks-Al Rajhi Bank

The Gulf's biggest lender by market value, Al Rajhi Bank recorded a net profit of more than $1.4bn during the first nine months of 2009.

And in Q3, the bank's considered approach enabled it to increase deposits and diversify its financial and investment products, and register its highest quarterly net profit since 2006.

With an established base in Riyadh, Saudi Arabia, Al Rajhi Bank has a vast network of over 550 branches, over 100 dedicated ladies branches, 2,440 ATMs, 17,193 POS terminals installed with merchants and the largest customer base of any bank in the Kingdom, in addition to 129 remittance centres across the Kingdom.

In May Fitch Ratings affirmed Al Rajhi's long-term issuer default rating (IDR) at ‘A+' with a Stable Outlook. Its short-term IDR was affirmed at ‘F1', individual rating at ‘B/C' and support rating at ‘1'. Fitch also affirmed Al Rajhi's support rating floor at ‘A+'.

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