Al Rajhi Bank posts 4% profit rise to SAR 10.596 bln in 2020

03/02/2021 Argaam Exclusive

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Al Rajhi Bank reported an annual net profit of SAR 10.596 billion for 2020, a rise of 4%, compared to a net profit of SAR 10.158 billion a year earlier.

The higher net profit was spurred by a 6.3% year-on-year (YoY) increase in total operating income, amid a rise in net special commission income, income fees from banking services, net exchange income, and other operating income.

Financials (M)

Item	2019	2020	Change‬
Net Income from investments and financial activities	16,427.72	16,913.02	3.0 %
Operating Income	19,484.46	20,721.26	6.3 %
Total Provisions	(1772.27)	(2165.74)	(22.2 %)
Net Income	10,158.53	10,595.55	4.3 %
Average Shares	4,000.00	4,000.00	-
EPS (Riyals)	2.54	2.65	4.3 %

The fourth-quarter net profit jumped 35% YoY to SAR 3.121 billion.

Shareholders’ equity, excluding minority interest, increased by 13.5% YoY to SAR 58.119 billion by the end of 2020.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Net Income from investments and financial activities	4,259.46	4,638.39	8.9 %
Operating Income	5,003.18	5,793.81	15.8 %
Debt Provisions	(664.95)	(550.04)	17.3 %
Net Income	2,317.81	3,121.45	34.7 %
Average Shares	4,000.00	4,000.00	-
EPS (Riyals)	0.58	0.78	34.7 %

Item	Q3 2020	Q4 2020	Change‬
Net Income from investments and financial activities	4,196.45	4,638.39	10.5 %
Operating Income	5,152.13	5,793.81	12.5 %
Debt Provisions	(464.94)	(550.04)	(18.3 %)
Net Income	2,657.85	3,121.45	17.4 %
Average Shares	4,000.00	4,000.00	-
EPS (Riyals)	0.66	0.78	17.4 %

Balance Sheet (B)

Item	2019	2020	Change‬
Assets	384.09	468.82	22.1 %
Customer Deposits	312.41	382.63	22.5 %
Financing Investments	249.68	315.71	26.4 %

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