Al Rajhi Bank’s net profit declines 6% to SAR 4.8 bln in H1 2020

23/07/2020 Argaam Exclusive

Al Rajhi Bank reported a decline of 6% in H1 2020 net profit to SAR 4.81 billion, from SAR 5.10 billion in year earlier period, due to increased operating expenses, salaries and employees’ related benefits, depreciation expenses and general and other administrative expenses. Moreover, credit impairment charges also rose from SAR 775 million to SAR 1.15 billion.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Net Income from investments and financial activities 8,004.65 8,078.18 0.9 %
Operating Income 9,500.05 9,775.33 2.9 %
Total Provisions (775.05) (1150.76) (48.5 %)
Net Income 5,101.89 4,816.25 (5.6 %)
Average Shares 4,000.00 4,000.00 -
EPS (Riyals) 1.28 1.20 (5.6 %)

In Q2 2020, Al Rajhi Bank’s net profit decreased by 4% to SAR 2.43 billion, compared to a net profit of SAR 2.53 billion in Q2 2019, on higher operating expenses, as well as salaries and employees related benefits, and depreciation.

 

When compared to the previous quarter, Q2 net profit grew by 2.3%, thanks to a decline in operating expenses, salaries and employees’ benefits. The bank reported an increase in other operating income.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Net Income from investments and financial activities 4,060.69 3,967.69 (2.3 %)
Operating Income 4,861.11 4,807.76 (1.1 %)
Debt Provisions (385.63) (457.96) (18.8 %)
Net Income 2,533.91 2,436.10 (3.9 %)
Average Shares 4,000.00 4,000.00 -
EPS (Riyals) 0.63 0.61 (3.9 %)

Balance Sheet (B)

Item 6m 2019 6m 2020 Change‬
Assets 369.20 417.68 13.1 %
Customer Deposits 300.56 334.66 11.3 %
Financing Investments 238.50 274.93 15.3 %

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Share Price

Al Rajhi Bank
92.60
(1.30) (1.38 %)

Al Rajhi Bank (ALRAJHI)

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Financial Ratios
Current
Market Cap (M) 370,400.00
Shares Outstanding ((M)) 4,000.00
EPS ( Riyal) (TTM) 4.59
EPS Diluted ( Riyal) (TTM) 4.37
Book Value (BV) ( Riyal) 23.73
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 20.16
P/E (TTM) 20.16
Price/book 3.90
Return on Average Assets (%) (TTM) 2.2
Return on Average Equity (%) (TTM) 20.3
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