Al Rajhi Bank’s net profit declines 7% to SAR 2.38 bln in Q1 2020

13/05/2020 Argaam Exclusive

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Al Rajhi Bank reported a net profit after Zakat and tax of SAR 2.38 billion for the first quarter of 2020, a 7% year-on-year (YoY) decrease, compared to SAR 2.56 billion in the same period last year.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2019	Q1 2020	Change‬
Net Income from investments and financial activities	3,943.96	4,110.48	4.2 %
Operating Income	4,638.94	4,967.56	7.1 %
Debt Provisions	(389.42)	(692.81)	(77.9 %)
Net Income	2,567.99	2,380.15	(7.3 %)
Average Shares	4,000.00	4,000.00	-
EPS (Riyals)	0.64	0.60	(7.3 %)

Item	Q4 2019	Q1 2020	Change‬
Net Income from investments and financial activities	4,259.46	4,110.48	(3.5 %)
Operating Income	5,003.18	4,967.56	(0.7 %)
Debt Provisions	(664.95)	(692.81)	(4.2 %)
Net Income	2,317.81	2,380.15	2.7 %
Average Shares	4,000.00	4,000.00	-
EPS (Riyals)	0.58	0.60	2.7 %

The bank attributed the decline to higher operating expenses by 29% driven by increase in salaries and employee related benefits, depreciation, and other general and administrative expenses.

Higher impairment charge for financing amounting to SAR 693 million also contributed to the decline, despite increase in total operating income by 7%, on the back of rise in net special commission income, fees from banking services and exchange income, and lower other operating income.

When compared to previous quarter, net profit rose 9.1% due to lower total operating expenses by 10%, driven by a decrease in depreciation expenses and general and other administrative expenses.

Balance Sheet (B)

Item	3m 2019	3m 2020	Change‬
Assets	363.05	391.90	7.9 %
Customer Deposits	293.50	315.66	7.6 %
Financing Investments	234.83	261.39	11.3 %

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