Saudi Home Loans net profit increased by 9.8% in Q1 2022 year-on-year and 61% compared to the previous quarter
Riyadh, KSA, 22 May 2022: Saudi Home Loans Company (SHL) has announced that its net profit increased by 9.8% to 32.4 million Saudi Riyals by the end of first quarter of 2022 compared to 29.5 million Saudi Riyals for the same period last year. The net profit for the first quarter of 2022 has increased by 61% compared to the previous quarter of 2021.
Considered a pioneer in the Islamic financing field, SHL was the first company to specialize and provide home loans geared toward meeting the essential housing needs of customers in the Saudi market with the additional guarantee from the Sharia supervisory board that all products and services are Shariah-compliant.
SHL currently provides a wide variety of home loan financing solutions in the market. In 2022, SHL implemented its strategy of further expanding its home loans portfolio which led to a 28% quarter on quarter increase in home loan sales in the first quarter of 2022; whereby the commercial home loan sales in Q1 2022 increased by 200% in comparison to the fourth quarter of 2021.
Bandar Alghamdi, CEO of Saudi Home Loans Company (SHL), said: “By providing a wide range of Sharia compliant financing solutions, SHL aims to reach all customer segments to help finance their dream home. In the last quarter of 2021, we enhanced the features of existing products and introduced additional financing options and benefits for our customers, and we will continue developing new products to meet customers’ requirements. This step is important to ensure we remain an industry leader and ensure strong and balanced gains and returns.”
About Saudi Home Loans
Saudi Home Loans (SHL) is a Saudi joint stock company established in 2008 by the Arab National Bank, Dar Al Arkan and the International Finance Corporation. It is home to elite employees, a professional executive team that comprises of a group of highly skilled and experienced individuals in the real estate financing sector. SHL is among the first Saudi companies to specialize in Sharia compliant real estate financing with a wide portfolio of products catering to all segments.
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