Al Rajhi Bank has increased its stake in Al-Rajhi Company for Cooperative Insurance (Alrajhi Takaful) to 35% after obtaining the Saudi Central Bank’s (SAMA) go-ahead.

The transaction aims to strengthen the bank’s role in developing the financial sector while supporting Alrajhi Takaful and its qualified cadres in achieving the company’s strategy in the insurance sector, according to a bourse statement on Sunday.

Earlier, the Tadawul-listed bank owned a stake of 22.50% in Alrajhi Takaful.

It is worth noting that in the first half (H1) of 2022, Al Rajhi Bank reported an increase of 20.9% in net profits to SAR 8.4 billion, compared with SAR 6.9 billion in the corresponding period in 2021.