Al Rajhi Bank 9M 2020 net profit drops 5% to SAR 7.4 bln

25/10/2020 Argaam Exclusive

View other reports

Al Rajhi Bank reported a net profit of SAR 7.4 billion for the first nine months of 2020, a decrease of 5% year-on-year (YoY), compared to SAR 7.8 billion in the same period a year earlier.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Net Income from investments and financial activities	12,168.27	12,274.63	0.9 %
Operating Income	14,481.28	14,927.46	3.1 %
Total Provisions	(1107.32)	(1615.70)	(45.9 %)
Net Income	7,840.72	7,474.10	(4.7 %)
Average Shares	4,000.00	4,000.00	-
EPS (Riyals)	1.96	1.87	(4.7 %)

The company attributed the profit decline to higher operating expense by 14.7%, mainly due to an increase in salaries and employees’ related benefits, depreciation expenses, and general and other administrative expenses.

Higher credit impairment charge, and total operating income also contributed to the drop in earnings.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Net Income from investments and financial activities	4,163.61	4,196.45	0.8 %
Operating Income	4,981.23	5,152.13	3.4 %
Debt Provisions	(332.27)	(464.94)	(39.9 %)
Net Income	2,738.82	2,657.85	(3.0 %)
Average Shares	4,000.00	4,000.00	-
EPS (Riyals)	0.68	0.66	(3.0 %)

Item	Q2 2020	Q3 2020	Change‬
Net Income from investments and financial activities	3,967.69	4,196.45	5.8 %
Operating Income	4,807.76	5,152.13	7.2 %
Debt Provisions	(457.96)	(464.94)	(1.5 %)
Net Income	2,436.10	2,657.85	9.1 %
Average Shares	4,000.00	4,000.00	-
EPS (Riyals)	0.61	0.66	9.1 %

The bank’s net profit for Q3 2020 declined 3% YoY to SAR 2.6 billion, due to higher operating expenses by 13.5% and credit impairment charge.

However, on a sequential basis, Q3 2020 net profit rose 9% on higher total operating income.

Balance Sheet (B)

Item	9m 2019	9m 2020	Change‬
Assets	367.87	430.30	17.0 %
Customer Deposits	298.81	345.32	15.6 %
Financing Investments	244.59	289.73	18.5 %

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×