Al Rajhi Bank’s 2023 profit down 3% to SAR 16.6B; Q4 at SAR 4.17B

31/01/2024 Argaam Exclusive

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Al Rajhi Bank reported a 3% decline in net profit to SAR 16.62 billion for 2023, compared to SAR 17.15 billion in the prior-year period.

Financials (M)

Item	2022	2023	Change‬
Net Income from investments and financial activities	22,172.69	21,269.12	(4.1 %)
Operating Income	28,575.02	27,531.41	(3.7 %)
Total Provisions	(2001.26)	(1504.18)	24.8 %
Net Income	17,150.83	16,621.16	(3.1 %)
Average Shares	4,000.00	4,000.00	-
EPS (Riyals)	4.29	4.16	(3.1 %)
EPS Diluted (Riyals)	4.24	3.95	(6.8 %)

Net profit decreased due to a decline in total operating income by 3.7% year-on-year (YoY) caused by lower net financing and investment income, and fees from banking services. Meanwhile, foreign exchange income and other operating income edged up.

On the other hand, total operating expenses including impairment charges for financing fell 4.8% YoY due to a drop in net impairment charges for financing as well as general and administrative expenses. Depreciation and amortization expenses, along with salaries and employee-related benefits, increased.

Net credit losses provisions declined on lower provisions booked for the period by 6.5% and a 20.7% rise YoY in recoveries from written off financing.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Net Income from investments and financial activities	5,578.73	5,549.55	(0.5 %)
Operating Income	7,264.14	7,050.83	(2.9 %)
Debt Provisions	(352.58)	(405.61)	(15.0 %)
Net Income	4,404.33	4,170.62	(5.3 %)
Average Shares	4,000.00	4,000.00	-
EPS (Riyals)	1.10	1.04	(5.3 %)
EPS Diluted (Riyal)	1.08	0.99	(8.3 %)

Item	Q3 2023	Q4 2023	Change‬
Net Income from investments and financial activities	5,400.64	5,549.55	2.8 %
Operating Income	6,872.51	7,050.83	2.6 %
Debt Provisions	(379.40)	(405.61)	(6.9 %)
Net Income	4,155.30	4,170.62	0.4 %
Average Shares	4,000.00	4,000.00	-
EPS (Riyals)	1.04	1.04	0.4 %
EPS Diluted (Riyal)	0.99	0.99	0.0 %

Balance Sheet (B)

Item	2022	2023	Change‬
Assets	761.62	808.10	6.1 %
Customer Deposits	564.92	573.10	1.4 %
Financing Investments	568.34	594.20	4.6 %

The fourth-quarter net profit declined 5% to SAR 4.17 billion from SAR 4.40 billion in Q4 2022.

Sequentially, the Q4 bottom line grew by 0.4% from SAR 4.15 billion in Q3 2023.

Shareholders’ equity, with no minority interest and after excluding sukuk, stood at SAR 90.25 billion by the end of December 2023, compared to SAR 83.72 billion in the year-earlier period.

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Financial results (Million)

Period	Net Income from investments and financial activities	Change	Operating Income	Change	Debt Provisions	Change
Q1 2014	2,426.42	2.8 %	3,497.93	1.6 %	(693.89)	(74.8 %)
Q2 2014	2,493.85	4.1 %	3,643.60	6.1 %	(598.15)	(94.1 %)
Q3 2014	2,378.18	(1.9 %)	3,439.41	0.3 %	(597.10)	14.2 %
Q4 2014	2,518.88	2.0 %	3,086.04	(12.9 %)	(423.04)	55.4 %
2014	9,817.32	1.7 %	13,666.97	(1.3 %)	(2,312.18)	1.6 %
Q1 2015	2,463.48	1.5 %	3,422.25	(2.2 %)	(521.78)	24.8 %
Q2 2015	2,514.14	0.8 %	3,534.65	(3.0 %)	(467.43)	21.9 %
Q3 2015	2,494.69	4.9 %	3,195.06	(7.1 %)	(419.97)	29.7 %
Q4 2015	2,486.63	(1.3 %)	3,593.81	16.5 %	(548.84)	(29.7 %)
2015	9,958.94	1.4 %	13,745.78	0.6 %	(1,958.03)	15.3 %
Q1 2016	2,574.33	4.5 %	3,695.05	8.0 %	(537.49)	(3.0 %)
Q2 2016	2,780.55	10.6 %	3,923.66	11.0 %	(555.28)	(18.8 %)
Q3 2016	2,914.48	16.8 %	3,877.85	21.4 %	(541.44)	(28.9 %)
Q4 2016	2,921.23	17.5 %	3,812.32	6.1 %	(508.04)	7.4 %
2016	11,223.09	12.7 %	15,341.38	11.6 %	(2,142.24)	(9.4 %)
Q1 2017	2,885.74	12.1 %	3,853.09	4.3 %	(372.41)	30.7 %
Q2 2017	2,954.42	6.3 %	3,876.96	(1.2 %)	(405.29)	27.0 %
Q3 2017	3,032.11	4.0 %	3,976.36	2.5 %	(409.88)	24.3 %
Q4 2017	3,157.15	8.1 %	4,198.45	10.1 %	(360.00)	29.1 %
2017	12,029.42	7.2 %	15,904.85	3.7 %	(1,547.58)	27.8 %
Q1 2018	3,441.33	19.3 %	4,142.41	7.5 %	(450.43)	(21.0 %)
Q2 2018	3,551.95	20.2 %	4,288.07	10.6 %	(333.22)	17.8 %
Q3 2018	3,682.34	21.4 %	4,383.35	10.2 %	(417.26)	(1.8 %)
Q4 2018	3,811.37	20.7 %	4,505.69	7.3 %	(330.03)	8.3 %
2018	14,486.99	20.4 %	17,319.52	8.9 %	(1,530.95)	1.1 %
Q1 2019	3,943.96	14.6 %	4,638.94	12.0 %	(389.42)	13.5 %
Q2 2019	4,060.69	14.3 %	4,861.11	13.4 %	(385.63)	(15.7 %)
Q3 2019	4,163.61	13.1 %	4,981.23	13.6 %	(332.27)	20.4 %
Q4 2019	4,259.46	11.8 %	5,003.18	11.0 %	(664.95)	(101.5 %)
2019	16,427.72	13.4 %	19,484.46	12.5 %	(1,772.27)	(15.8 %)
Q1 2020	4,110.48	4.2 %	4,967.56	7.1 %	(692.81)	(77.9 %)
Q2 2020	3,967.69	(2.3 %)	4,807.76	(1.1 %)	(457.96)	(18.8 %)
Q3 2020	4,196.45	0.8 %	5,152.13	3.4 %	(464.94)	(39.9 %)
Q4 2020	4,638.39	8.9 %	5,793.81	15.8 %	(550.04)	17.3 %
2020	16,913.02	3.0 %	20,721.26	6.3 %	(2,165.74)	(22.2 %)
Q1 2021	4,770.55	16.1 %	5,947.58	19.7 %	(576.99)	16.7 %
Q2 2021	5,051.78	27.3 %	6,336.32	31.8 %	(583.97)	(27.5 %)
Q3 2021	5,214.76	24.3 %	6,577.68	27.7 %	(593.81)	(27.7 %)
Q4 2021	5,354.85	15.4 %	6,854.82	18.3 %	(590.32)	(7.3 %)
2021	20,391.94	20.6 %	25,716.40	24.1 %	(2,345.09)	(8.3 %)
Q1 2022	5,340.17	11.9 %	6,956.56	17.0 %	(578.31)	(0.2 %)
Q2 2022	5,566.76	10.2 %	7,147.86	12.8 %	(580.42)	0.6 %
Q3 2022	5,687.02	9.1 %	7,206.46	9.6 %	(489.96)	17.5 %
Q4 2022	5,578.73	4.2 %	7,264.14	6.0 %	(352.58)	40.3 %
2022	22,172.69	8.7 %	28,575.02	11.1 %	(2,001.26)	14.7 %
Q1 2023	5,125.26	(4.0 %)	6,780.62	(2.5 %)	(358.78)	38.0 %
Q2 2023	5,193.67	(6.7 %)	6,827.45	(4.5 %)	(360.39)	37.9 %
Q3 2023	5,400.64	(5.0 %)	6,872.51	(4.6 %)	(379.40)	22.6 %
Q4 2023	5,549.55	(0.5 %)	7,050.83	(2.9 %)	(405.61)	(15.0 %)
2023	21,269.12	(4.1 %)	27,531.41	(3.7 %)	(1,504.18)	24.8 %

Period	Net Income from investments and financial activities	Change	Operating Income	Change	Debt Provisions	Change
2014	9,817.32	1.7 %	13,666.97	(1.3 %)	(2,312.18)	1.6 %
2015	9,958.94	1.4 %	13,745.78	0.6 %	(1,958.03)	15.3 %
2016	11,223.09	12.7 %	15,341.38	11.6 %	(2,142.24)	(9.4 %)
2017	12,029.42	7.2 %	15,904.85	3.7 %	(1,547.58)	27.8 %
2018	14,486.99	20.4 %	17,319.52	8.9 %	(1,530.95)	1.1 %
2019	16,427.72	13.4 %	19,484.46	12.5 %	(1,772.27)	(15.8 %)
2020	16,913.02	3.0 %	20,721.26	6.3 %	(2,165.74)	(22.2 %)
2021	20,391.94	20.6 %	25,716.40	24.1 %	(2,345.09)	(8.3 %)
2022	22,172.69	8.7 %	28,575.02	11.1 %	(2,001.26)	14.7 %
2023	21,269.12	(4.1 %)	27,531.41	(3.7 %)	(1,504.18)	24.8 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	1,705.80	(16.9 %)	0.43	-	1,705.80	0.43
Q2 2014	1,948.95	(8.2 %)	0.49	-	1,948.95	0.49
Q3 2014	1,661.61	(3.2 %)	0.42	-	1,661.61	0.42
Q4 2014	1,519.81	(1.7 %)	0.38	-	1,519.81	0.38
2014	6,836.17	(8.1 %)	1.71	-	6,836.17	1.71
Q1 2015	1,518.55	(11.0 %)	0.38	-	1,518.55	0.38
Q2 2015	1,941.37	(0.4 %)	0.49	-	1,941.37	0.49
Q3 2015	1,721.40	3.6 %	0.43	-	1,721.40	0.43
Q4 2015	1,948.77	28.2 %	0.49	-	1,948.77	0.49
2015	7,130.08	4.3 %	1.78	-	7,130.08	1.78
Q1 2016	2,017.27	32.8 %	0.50	-	2,017.27	0.50
Q2 2016	2,051.93	5.7 %	0.51	-	2,051.93	0.51
Q3 2016	2,009.49	16.7 %	0.50	-	2,009.49	0.50
Q4 2016	2,047.27	5.1 %	0.51	-	2,047.27	0.51
2016	8,125.96	14.0 %	2.03	-	8,125.96	2.03
Q1 2017	2,220.90	10.1 %	0.56	-	2,220.90	0.56
Q2 2017	2,181.65	6.3 %	0.55	-	2,181.65	0.55
Q3 2017	2,265.21	12.7 %	0.57	-	2,265.21	0.57
Q4 2017	2,452.97	19.8 %	0.61	-	2,452.97	0.61
2017	9,120.73	12.2 %	2.28	-	9,120.73	2.28
Q1 2018	2,306.28	3.8 %	0.58	-	2,306.28	0.58
Q2 2018	2,474.22	13.4 %	0.62	-	2,474.22	0.62
Q3 2018	2,515.98	11.1 %	0.63	-	2,515.98	0.63
Q4 2018	(3528.54)	(243.8 %)	(0.88)	(5405.27)	1,876.74	0.47
2018	3,767.95	(58.7 %)	0.94	(5405.27)	9,173.22	2.29
Q1 2019	2,567.99	11.3 %	0.64	-	2,567.99	0.64
Q2 2019	2,533.91	2.4 %	0.63	-	2,533.91	0.63
Q3 2019	2,738.82	8.9 %	0.68	-	2,738.82	0.68
Q4 2019	2,317.81	165.7 %	0.58	-	2,317.81	0.58
2019	10,158.53	169.6 %	2.54	-	10,158.53	2.54
Q1 2020	2,380.15	(7.3 %)	0.60	-	2,380.15	0.60
Q2 2020	2,436.10	(3.9 %)	0.61	-	2,436.10	0.61
Q3 2020	2,657.85	(3.0 %)	0.66	-	2,657.85	0.66
Q4 2020	3,121.45	34.7 %	0.78	-	3,121.45	0.78
2020	10,595.55	4.3 %	2.65	-	10,595.55	2.65
Q1 2021	3,335.49	40.1 %	0.83	-	3,335.49	0.83
Q2 2021	3,604.69	48.0 %	0.90	-	3,604.69	0.90
Q3 2021	3,793.75	42.7 %	0.95	-	3,793.75	0.95
Q4 2021	4,012.29	28.5 %	1.00	-	4,012.29	1.00
2021	14,746.21	39.2 %	3.69	-	14,746.21	3.69
Q1 2022	4,133.55	23.9 %	1.03	-	4,133.55	1.03
Q2 2022	4,258.30	18.1 %	1.06	-	4,258.30	1.06
Q3 2022	4,354.64	14.8 %	1.09	-	4,354.64	1.09
Q4 2022	4,404.33	9.8 %	1.10	-	4,404.33	1.10
2022	17,150.83	16.3 %	4.29	-	17,150.83	4.29
Q1 2023	4,145.17	0.3 %	1.04	-	4,145.17	1.04
Q2 2023	4,150.06	(2.5 %)	1.04	-	4,150.06	1.04
Q3 2023	4,155.30	(4.6 %)	1.04	-	4,155.30	1.04
Q4 2023	4,170.62	(5.3 %)	1.04	-	4,170.62	1.04
2023	16,621.16	(3.1 %)	4.16	-	16,621.16	4.16

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	6,836.17	(8.1 %)	1.71	-	6,836.17	1.71
2015	7,130.08	4.3 %	1.78	-	7,130.08	1.78
2016	8,125.96	14.0 %	2.03	-	8,125.96	2.03
2017	9,120.73	12.2 %	2.28	-	9,120.73	2.28
2018	3,767.95	(58.7 %)	0.94	(5405.27)	9,173.22	2.29
2019	10,158.53	169.6 %	2.54	-	10,158.53	2.54
2020	10,595.55	4.3 %	2.65	-	10,595.55	2.65
2021	14,746.21	39.2 %	3.69	-	14,746.21	3.69
2022	17,150.83	16.3 %	4.29	-	17,150.83	4.29
2023	16,621.16	(3.1 %)	4.16	-	16,621.16	4.16

Profitability

Period	Return On Average Assets	Return on Average Equity	Net Profit/Investment Income & Other Financing Operations
Q1 2014	2.52 %	18.69 %	69.90 %
Q2 2014	2.43 %	17.70 %	67.67 %
Q3 2014	2.40 %	17.73 %	67.40 %
Q4 2014	2.33 %	17.01 %	66.94 %
2014	2.33 %	17.01 %	66.94 %
Q1 2015	2.19 %	16.15 %	64.97 %
Q2 2015	2.13 %	15.67 %	64.89 %
Q3 2015	2.15 %	15.69 %	64.99 %
Q4 2015	2.29 %	16.11 %	69.50 %
2015	2.29 %	16.11 %	69.50 %
Q1 2016	2.37 %	17.11 %	73.30 %
Q2 2016	2.35 %	16.62 %	72.26 %
Q3 2016	2.45 %	16.95 %	71.49 %
Q4 2016	2.48 %	16.49 %	69.15 %
2016	2.48 %	16.49 %	69.15 %
Q1 2017	2.52 %	16.92 %	68.98 %
Q2 2017	2.50 %	16.48 %	68.88 %
Q3 2017	2.61 %	16.90 %	70.37 %
Q4 2017	2.67 %	16.94 %	72.50 %
2017	2.67 %	16.94 %	72.50 %
Q1 2018	2.69 %	18.07 %	70.20 %
Q2 2018	2.74 %	17.86 %	69.40 %
Q3 2018	2.81 %	18.51 %	68.09 %
Q4 2018	1.07 %	7.24 %	25.13 %
2018	1.07 %	7.24 %	25.13 %
Q1 2019	1.13 %	7.95 %	25.96 %
Q2 2019	1.14 %	7.97 %	25.50 %
Q3 2019	1.19 %	8.56 %	26.12 %
Q4 2019	2.72 %	20.42 %	59.89 %
2019	2.72 %	20.42 %	59.89 %
Q1 2020	2.64 %	19.83 %	58.21 %
Q2 2020	2.51 %	19.41 %	57.98 %
Q3 2020	2.45 %	18.89 %	57.50 %
Q4 2020	2.48 %	19.39 %	60.97 %
2020	2.48 %	19.39 %	60.97 %
Q1 2021	2.56 %	21.23 %	64.03 %
Q2 2021	2.64 %	22.79 %	66.24 %
Q3 2021	2.74 %	23.38 %	67.76 %
Q4 2021	2.70 %	23.52 %	68.77 %
2021	2.70 %	23.52 %	68.77 %
Q1 2022	2.66 %	23.72 %	69.34 %
Q2 2022	2.58 %	23.98 %	68.48 %
Q3 2022	2.53 %	23.40 %	65.92 %
Q4 2022	2.48 %	22.72 %	60.82 %
2022	2.48 %	22.72 %	60.82 %
Q1 2023	2.40 %	22.20 %	55.22 %
Q2 2023	2.28 %	21.04 %	50.32 %
Q3 2023	2.19 %	20.38 %	46.09 %
Q4 2023	2.12 %	19.11 %	42.91 %
2023	2.12 %	19.11 %	42.91 %

Period	Return On Average Assets	Return on Average Equity	Net Profit/Investment Income & Other Financing Operations
2014	2.33 %	17.01 %	66.94 %
2015	2.29 %	16.11 %	69.50 %
2016	2.48 %	16.49 %	69.15 %
2017	2.67 %	16.94 %	72.50 %
2018	1.07 %	7.24 %	25.13 %
2019	2.72 %	20.42 %	59.89 %
2020	2.48 %	19.39 %	60.97 %
2021	2.70 %	23.52 %	68.77 %
2022	2.48 %	22.72 %	60.82 %
2023	2.12 %	19.11 %	42.91 %

Balance Sheet (B)

Period	Assets	Change	Customer Deposits	Change	Financing Investments	Change
Q1 2014	288.04	4.5 %	238.52	2.9 %	193.05	7.0 %
Q2 2014	295.15	8.0 %	245.42	7.9 %	200.93	8.7 %
Q3 2014	298.71	9.4 %	250.03	10.9 %	203.65	9.8 %
Q4 2014	307.71	9.9 %	256.08	10.6 %	205.94	10.2 %
Q1 2015	320.43	11.2 %	268.48	12.6 %	205.12	6.3 %
Q2 2015	327.07	10.8 %	269.42	9.8 %	210.62	4.8 %
Q3 2015	325.21	8.9 %	271.55	8.6 %	209.91	3.1 %
Q4 2015	315.62	2.6 %	257.82	0.7 %	210.22	2.1 %
Q1 2016	323.30	0.9 %	266.42	(0.8 %)	216.39	5.5 %
Q2 2016	331.38	1.3 %	272.65	1.2 %	224.52	6.6 %
Q3 2016	330.52	1.6 %	272.60	0.4 %	225.86	7.6 %
Q4 2016	339.71	7.6 %	272.59	5.7 %	224.99	7.0 %
Q1 2017	337.23	4.3 %	271.29	1.8 %	229.42	6.0 %
Q2 2017	345.60	4.3 %	285.39	4.7 %	232.80	3.7 %
Q3 2017	338.03	2.3 %	270.10	(0.9 %)	233.18	3.2 %
Q4 2017	343.12	1.0 %	273.06	0.2 %	233.54	3.8 %
Q1 2018	348.43	3.3 %	283.94	4.7 %	228.23	(0.5 %)
Q2 2018	347.59	0.6 %	280.39	(1.8 %)	226.54	(2.7 %)
Q3 2018	355.58	5.2 %	288.84	6.9 %	232.02	(0.5 %)
Q4 2018	364.03	6.1 %	293.91	7.6 %	231.76	(0.8 %)
Q1 2019	363.05	4.2 %	293.50	3.4 %	234.83	2.9 %
Q2 2019	369.20	6.2 %	300.56	7.2 %	238.50	5.3 %
Q3 2019	367.87	3.5 %	298.81	3.5 %	244.59	5.4 %
Q4 2019	384.09	5.5 %	312.41	6.3 %	249.68	7.7 %
Q1 2020	391.90	7.9 %	315.66	7.5 %	261.39	11.3 %
Q2 2020	417.68	13.1 %	334.66	11.3 %	274.93	15.3 %
Q3 2020	430.30	17.0 %	345.32	15.6 %	289.73	18.5 %
Q4 2020	468.82	22.1 %	382.63	22.5 %	315.71	26.4 %
Q1 2021	512.23	30.7 %	421.27	33.5 %	356.14	36.3 %
Q2 2021	546.14	30.8 %	447.51	33.7 %	390.30	42.0 %
Q3 2021	582.66	35.4 %	478.33	38.5 %	420.95	45.3 %
Q4 2021	623.64	33.0 %	512.07	33.8 %	452.83	43.4 %
Q1 2022	657.34	28.3 %	507.89	20.6 %	484.53	36.0 %
Q2 2022	709.28	29.9 %	552.96	23.6 %	519.70	33.2 %
Q3 2022	739.96	27.0 %	555.77	16.2 %	557.50	32.4 %
Q4 2022	761.62	22.1 %	564.92	10.3 %	568.34	25.5 %
Q1 2023	775.80	18.0 %	556.20	9.5 %	577.01	19.1 %
Q2 2023	783.93	10.5 %	570.67	3.2 %	579.08	11.4 %
Q3 2023	800.80	8.2 %	565.72	1.8 %	590.83	6.0 %
Q4 2023	808.10	6.1 %	573.10	1.4 %	594.20	4.6 %

Period	Assets	Change	Customer Deposits	Change	Financing Investments	Change
3m 2014	288.04	4.5 %	238.52	2.9 %	193.05	7.0 %
6m 2014	295.15	8.0 %	245.42	7.9 %	200.93	8.7 %
9m 2014	298.71	9.4 %	250.03	10.9 %	203.65	9.8 %
12m 2014	307.71	9.9 %	256.08	10.6 %	205.94	10.2 %
3m 2015	320.43	11.2 %	268.48	12.6 %	205.12	6.3 %
6m 2015	327.07	10.8 %	269.42	9.8 %	210.62	4.8 %
9m 2015	325.21	8.9 %	271.55	8.6 %	209.91	3.1 %
12m 2015	315.62	2.6 %	257.82	0.7 %	210.22	2.1 %
3m 2016	323.30	0.9 %	266.42	(0.8 %)	216.39	5.5 %
6m 2016	331.38	1.3 %	272.65	1.2 %	224.52	6.6 %
9m 2016	330.52	1.6 %	272.60	0.4 %	225.86	7.6 %
12m 2016	339.71	7.6 %	272.59	5.7 %	224.99	7.0 %
3m 2017	337.23	4.3 %	271.29	1.8 %	229.42	6.0 %
6m 2017	345.60	4.3 %	285.39	4.7 %	232.80	3.7 %
9m 2017	338.03	2.3 %	270.10	(0.9 %)	233.18	3.2 %
12m 2017	343.12	1.0 %	273.06	0.2 %	233.54	3.8 %
3m 2018	348.43	3.3 %	283.94	4.7 %	228.23	(0.5 %)
6m 2018	347.59	0.6 %	280.39	(1.8 %)	226.54	(2.7 %)
9m 2018	355.58	5.2 %	288.84	6.9 %	232.02	(0.5 %)
12m 2018	364.03	6.1 %	293.91	7.6 %	231.76	(0.8 %)
3m 2019	363.05	4.2 %	293.50	3.4 %	234.83	2.9 %
6m 2019	369.20	6.2 %	300.56	7.2 %	238.50	5.3 %
9m 2019	367.87	3.5 %	298.81	3.5 %	244.59	5.4 %
12m 2019	384.09	5.5 %	312.41	6.3 %	249.68	7.7 %
3m 2020	391.90	7.9 %	315.66	7.5 %	261.39	11.3 %
6m 2020	417.68	13.1 %	334.66	11.3 %	274.93	15.3 %
9m 2020	430.30	17.0 %	345.32	15.6 %	289.73	18.5 %
12m 2020	468.82	22.1 %	382.63	22.5 %	315.71	26.4 %
3m 2021	512.23	30.7 %	421.27	33.5 %	356.14	36.3 %
6m 2021	546.14	30.8 %	447.51	33.7 %	390.30	42.0 %
9m 2021	582.66	35.4 %	478.33	38.5 %	420.95	45.3 %
12m 2021	623.64	33.0 %	512.07	33.8 %	452.83	43.4 %
3m 2022	657.34	28.3 %	507.89	20.6 %	484.53	36.0 %
6m 2022	709.28	29.9 %	552.96	23.6 %	519.70	33.2 %
9m 2022	739.96	27.0 %	555.77	16.2 %	557.50	32.4 %
12m 2022	761.62	22.1 %	564.92	10.3 %	568.34	25.5 %
3m 2023	775.80	18.0 %	556.20	9.5 %	577.01	19.1 %
6m 2023	783.93	10.5 %	570.67	3.2 %	579.08	11.4 %
9m 2023	800.80	8.2 %	565.72	1.8 %	590.83	6.0 %
12m 2023	808.10	6.1 %	573.10	1.4 %	594.20	4.6 %

Period	Assets	Change	Customer Deposits	Change	Financing Investments	Change
2014	307.71	9.9 %	256.08	10.6 %	205.94	10.2 %
2015	315.62	2.6 %	257.82	0.7 %	210.22	2.1 %
2016	339.71	7.6 %	272.59	5.7 %	224.99	7.0 %
2017	343.12	1.0 %	273.06	0.2 %	233.54	3.8 %
2018	364.03	6.1 %	293.91	7.6 %	231.76	(0.8 %)
2019	384.09	5.5 %	312.41	6.3 %	249.68	7.7 %
2020	468.82	22.1 %	382.63	22.5 %	315.71	26.4 %
2021	623.64	33.0 %	512.07	33.8 %	452.83	43.4 %
2022	761.62	22.1 %	564.92	10.3 %	568.34	25.5 %
2023	808.10	6.1 %	573.10	1.4 %	594.20	4.6 %

Ratios

Period	Customer Deposits Per Total Assets	Financing Investments/Customer Deposits	Financing Investments/Total Assets
Q1 2014	82.81 %	80.94 %	67.02 %
Q2 2014	83.15 %	81.87 %	68.07 %
Q3 2014	83.70 %	81.45 %	68.17 %
Q4 2014	83.22 %	80.42 %	66.93 %
Q1 2015	83.79 %	76.40 %	64.01 %
Q2 2015	82.38 %	78.17 %	64.40 %
Q3 2015	83.50 %	77.30 %	64.55 %
Q4 2015	81.69 %	81.54 %	66.60 %
Q1 2016	82.41 %	81.22 %	66.93 %
Q2 2016	82.28 %	82.35 %	67.75 %
Q3 2016	82.48 %	82.86 %	68.34 %
Q4 2016	80.24 %	82.54 %	66.23 %
Q1 2017	80.45 %	84.57 %	68.03 %
Q2 2017	82.58 %	81.57 %	67.36 %
Q3 2017	79.90 %	86.33 %	68.98 %
Q4 2017	79.58 %	85.53 %	68.06 %
Q1 2018	81.49 %	80.38 %	65.50 %
Q2 2018	80.67 %	80.80 %	65.18 %
Q3 2018	81.23 %	80.33 %	65.25 %
Q4 2018	80.74 %	78.85 %	63.66 %
Q1 2019	80.84 %	80.01 %	64.68 %
Q2 2019	81.41 %	79.35 %	64.60 %
Q3 2019	81.23 %	81.85 %	66.49 %
Q4 2019	81.34 %	79.92 %	65.01 %
Q1 2020	80.55 %	82.81 %	66.70 %
Q2 2020	80.12 %	82.15 %	65.82 %
Q3 2020	80.25 %	83.90 %	67.33 %
Q4 2020	81.61 %	82.51 %	67.34 %
Q1 2021	82.24 %	84.54 %	69.53 %
Q2 2021	81.94 %	87.22 %	71.46 %
Q3 2021	82.09 %	88.00 %	72.25 %
Q4 2021	82.11 %	88.43 %	72.61 %
Q1 2022	77.26 %	95.40 %	73.71 %
Q2 2022	77.96 %	93.99 %	73.27 %
Q3 2022	75.11 %	100.31 %	75.34 %
Q4 2022	74.17 %	100.60 %	74.62 %
Q1 2023	71.69 %	103.74 %	74.38 %
Q2 2023	72.80 %	101.47 %	73.87 %
Q3 2023	70.64 %	104.44 %	73.78 %
Q4 2023	70.92 %	103.68 %	73.53 %

Period	Customer Deposits Per Total Assets	Financing Investments/Customer Deposits	Financing Investments/Total Assets
2014	83.22 %	80.42 %	66.93 %
2015	81.69 %	81.54 %	66.60 %
2016	80.24 %	82.54 %	66.23 %
2017	79.58 %	85.53 %	68.06 %
2018	80.74 %	78.85 %	63.66 %
2019	81.34 %	79.92 %	65.01 %
2020	81.61 %	82.51 %	67.34 %
2021	82.11 %	88.43 %	72.61 %
2022	74.17 %	100.60 %	74.62 %
2023	70.92 %	103.68 %	73.53 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	EPS Diluted (Riyal)	Book Value (BV)
Q1 2014	4,000.00	1.77	1.77	-	10.05
Q2 2014	4,000.00	1.73	1.73	-	10.17
Q3 2014	4,000.00	1.72	1.72	-	10.11
Q4 2014	4,000.00	1.71	1.71	-	10.47
Q1 2015	4,000.00	1.66	1.66	-	10.54
Q2 2015	4,000.00	1.66	1.66	-	11.02
Q3 2015	4,000.00	1.68	1.68	-	11.24
Q4 2015	4,000.00	1.78	1.78	-	11.66
Q1 2016	4,000.00	1.91	1.91	-	11.75
Q2 2016	4,000.00	1.93	1.93	-	12.26
Q3 2016	4,000.00	2.01	2.01	-	12.45
Q4 2016	4,000.00	2.03	2.03	-	12.99
Q1 2017	4,000.00	2.08	2.08	-	12.86
Q2 2017	4,000.00	2.11	2.11	-	13.40
Q3 2017	4,000.00	2.18	2.18	-	13.34
Q4 2017	4,000.00	2.28	2.28	-	13.94
Q1 2018	4,000.00	2.30	2.30	-	12.61
Q2 2018	4,000.00	2.37	2.37	-	13.20
Q3 2018	4,000.00	2.44	2.44	-	12.99
Q4 2018	4,000.00	0.94	2.29	-	12.08
Q1 2019	4,000.00	1.01	2.36	-	12.74
Q2 2019	4,000.00	1.02	2.37	-	12.45
Q3 2019	4,000.00	1.08	2.43	-	12.19
Q4 2019	4,000.00	2.54	2.54	-	12.80
Q1 2020	4,000.00	2.49	2.49	-	12.40
Q2 2020	4,000.00	2.47	2.47	-	12.98
Q3 2020	4,000.00	2.45	2.45	-	13.73
Q4 2020	4,000.00	2.65	2.65	-	14.53
Q1 2021	4,000.00	2.89	2.89	-	14.81
Q2 2021	4,000.00	3.18	3.18	-	14.92
Q3 2021	4,000.00	3.46	3.46	-	15.90
Q4 2021	4,000.00	3.69	3.69	-	16.82
Q1 2022	4,000.00	3.89	3.89	-	17.97
Q2 2022	4,000.00	4.05	4.05	-	18.85
Q3 2022	4,000.00	4.19	4.19	-	19.90
Q4 2022	4,000.00	4.29	4.29	4.23	20.93
Q1 2023	4,000.00	4.29	4.29	4.19	20.68
Q2 2023	4,000.00	4.26	4.26	4.12	21.67
Q3 2023	4,000.00	4.21	4.21	4.04	21.44
Q4 2023	4,000.00	4.16	4.16	3.95	22.56

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	EPS Diluted (Riyal)	Book Value (BV)
2014	4,000.00	1.71	1.71	-	10.47
2015	4,000.00	1.78	1.78	-	11.66
2016	4,000.00	2.03	2.03	-	12.99
2017	4,000.00	2.28	2.28	-	13.94
2018	4,000.00	0.94	2.29	-	12.08
2019	4,000.00	2.54	2.54	-	12.80
2020	4,000.00	2.65	2.65	-	14.53
2021	4,000.00	3.69	3.69	-	16.82
2022	4,000.00	4.29	4.29	4.24	20.93
2023	4,000.00	4.16	4.16	3.95	22.56

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	15.82	15.82	2.79
Q2 2014	15.85	15.85	2.70
Q3 2014	16.89	16.89	2.87
Q4 2014	12.23	12.23	2.00
Q1 2015	14.05	14.05	2.22
Q2 2015	14.91	14.91	2.25
Q3 2015	13.34	13.34	1.99
Q4 2015	11.88	11.88	1.82
Q1 2016	11.06	11.06	1.79
Q2 2016	12.28	12.28	1.94
Q3 2016	10.45	10.45	1.69
Q4 2016	12.62	12.62	1.97
Q1 2017	12.46	12.46	2.02
Q2 2017	13.40	13.40	2.12
Q3 2017	12.30	12.30	2.01
Q4 2017	11.52	11.52	1.88
Q1 2018	13.33	13.33	2.43
Q2 2018	14.77	14.77	2.66
Q3 2018	14.66	14.66	2.75
Q4 2018	37.75	15.51	2.94
Q1 2019	43.73	18.68	3.46
Q2 2019	42.62	18.36	3.50
Q3 2019	36.70	16.29	3.25
Q4 2019	16.10	16.10	3.19
Q1 2020	13.49	13.49	2.71
Q2 2020	14.33	14.33	2.73
Q3 2020	16.78	16.78	2.99
Q4 2020	17.37	17.37	3.17
Q1 2021	21.39	21.39	4.17
Q2 2021	21.82	21.82	4.65
Q3 2021	22.12	22.12	4.82
Q4 2021	24.04	24.04	5.27
Q1 2022	25.83	25.83	5.59
Q2 2022	20.37	20.37	4.38
Q3 2022	19.40	19.40	4.09
Q4 2022	17.78	17.78	3.59
Q1 2023	17.54	17.54	3.55
Q2 2023	17.72	17.72	3.37
Q3 2023	16.81	16.81	3.17
Q4 2023	21.90	21.90	3.83

Period	P/E	Adjusted P/E	Price/book
2014	12.23	12.23	2.00
2015	11.88	11.88	1.82
2016	12.62	12.62	1.97
2017	11.52	11.52	1.88
2018	37.75	15.51	2.94
2019	16.10	16.10	3.19
2020	17.37	17.37	3.17
2021	24.04	24.04	5.27
2022	17.74	17.74	3.59
2023	21.90	21.90	3.83

Business Segments (Million)

Compared With The

Period	Retail	Corporate and Institutional Banking	Global markets and Treasury	Investment Banking and Brokerage	Others
Q1 2014	2,473.81	455.85	345.28	223.00	-
Q2 2014	2,388.47	646.75	289.71	318.67	-
Q3 2014	2,651.16	501.66	381.88	(95.29)	-
Q4 2014	2,726.69	(47.16)	293.61	112.90	-
Q1 2015	2,589.61	373.42	306.52	152.70	-
Q2 2015	2,561.53	515.14	282.74	175.25	-
Q3 2015	2,417.29	521.88	146.55	109.35	-
Q4 2015	2,812.27	242.32	345.11	194.11	-
Q1 2016	2,687.48	387.37	447.63	172.57	-
Q2 2016	2,917.24	409.74	472.94	156.25	-
Q3 2016	2,823.92	605.71	322.21	126.01	-
Q4 2016	2,589.42	591.98	516.81	114.11	-
Q1 2017	2,932.19	689.54	109.86	121.49	-
Q2 2017	2,673.54	438.84	666.59	97.99	-
Q3 2017	2,787.15	602.89	482.72	103.61	-
Q4 2017	3,445.50	578.22	47.58	127.16	-
Q1 2018	2,770.66	580.10	653.28	138.37	-
Q2 2018	2,874.80	573.65	704.21	135.40	-
Q3 2018	2,968.91	575.21	722.65	116.59	-
Q4 2018	3,009.07	586.02	764.00	146.61	-
Q1 2019	3,164.28	638.35	733.97	102.34	-
Q2 2019	3,429.66	618.86	701.17	111.42	-
Q3 2019	3,500.25	627.28	755.75	97.96	-
Q4 2019	3,496.63	647.44	707.46	151.65	-
Q1 2020	3,470.22	631.90	750.56	114.88	-
Q2 2020	3,400.41	488.18	766.88	152.30	-
Q3 2020	2,996.99	740.72	1,155.71	258.72	-
Q4 2020	3,555.06	784.33	1,174.94	279.47	-
Q1 2021	3,500.80	744.34	1,408.57	293.87	-
Q2 2021	3,533.29	749.68	1,795.10	258.25	-
Q3 2021	3,393.98	860.61	2,108.46	214.63	-
Q4 2021	3,622.46	490.01	2,534.96	207.38	-
Q1 2022	3,240.62	909.28	2,546.87	259.81	-
Q2 2022	3,509.87	1,073.54	2,270.14	278.07	-
Q3 2022	3,875.36	1,260.43	1,850.31	220.36	-
Q4 2022	4,791.59	1,374.36	848.81	249.39	-
Q1 2023	4,027.65	1,498.80	946.90	307.27	-
Q2 2023	4,325.35	1,790.54	457.51	254.05	-
Q3 2023	4,481.11	1,879.25	255.57	256.58	-
Q4 2023	4,850.91	2,178.30	(128.75)	150.37	-

Period	Retail	Corporate and Institutional Banking	Global markets and Treasury	Investment Banking and Brokerage	Others
2014	10,240.13	1,557.09	1,310.47	559.28	-
2015	10,380.70	1,652.75	1,080.91	631.41	-
2016	11,018.06	1,994.79	1,759.59	568.95	-
2017	11,838.38	2,309.49	1,306.74	450.25	-
2018	11,623.44	2,314.98	2,844.13	536.97	-
2019	13,590.82	2,531.92	2,898.35	463.38	-
2020	13,361.37	2,614.69	3,939.83	805.37	-
2021	14,050.54	2,844.64	7,847.08	974.14	-
2022	15,528.35	4,506.69	7,516.12	1,023.87	-
2023	17,329.10	7,533.26	1,531.24	1,137.81	-

Analysts Estimates (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change‬
Average	4,204.65	4,170.62	(0.8 %)

Estimates vs Actual (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change
Sico	4,177.00	4,170.62	(0.2) %
U-Capital	4,159.20	4,170.62	0.3 %
Riyad Capital	4,189.00	4,170.62	(0.4) %
OSOOL AND BAKHEET	4,203.29	4,170.62	(0.8) %
Value Capital	4,203.77	4,170.62	(0.8) %
Hermes	4,204.00	4,170.62	(0.8) %
SNB Capital	4,232.00	4,170.62	(1.5) %
AlJazira Capital	4,261.00	4,170.62	(2.1) %
Bank of America	4,072.00	4,170.62	2.4 %
YAQEEN	4,345.27	4,170.62	(4.0) %

Financial Ratios

	Current
Market Cap (M)	374,000.00
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)	20.35
P/E (TTM)	20.35
Price/book	3.94
Return on Average Assets (%) (TTM)	2.2
Return on Average Equity (%) (TTM)	20.3

Al Rajhi Bank (ALRAJHI)

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Al Rajhi Bank’s 2023 profit down 3% to SAR 16.6B; Q4 at SAR 4.17B

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Financials (M)

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Financial results (Million)

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Profit Performance (Million)

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Profitability

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Al Rajhi Bank’s 2023 profit down 3% to SAR 16.6B; Q4 at SAR 4.17B

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Financials (M)

Current Quarter Comparison (M)

Balance Sheet (B)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Balance Sheet (B)

Balance Sheet Performance (B)

Ratios

Ratios

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

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Revenue by Business Segment (Latest) 2023 Q4

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Al Rajhi Bank (ALRAJHI)

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Business Segments (Million)