Al Rajhi Bank reported a profit of SAR 9.1 billion in H1 2024, up 10% from SAR 8.2 billion in the year-ago period.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 10,318.93 | 11,504.34 | 11.5 % |
| Operating Income | 13,608.07 | 14,866.12 | 9.2 % |
| Total Provisions | (719.17) | (876.03) | (21.8 %) |
| Net Income | 8,295.24 | 9,102.94 | 9.7 % |
| Average Shares | 4,000.00 | 4,000.00 | - |
| EPS (Riyals) | 2.07 | 2.28 | 9.7 % |
| EPS Diluted (Riyals) | 1.97 | 2.16 | 9.8 % |
Net financing and investment income increased by 11.5% year-on-year (YoY) in H1 2024 on higher gross financing and investment income.
Gross operating income rose by 9.2% YoY during the same period, driven mainly by the elevated net financing and investment income as well as other operating income and currency exchange income. This was offset by fees from banking services
In contrast, gross operating expenses, including impairment charges for financing, climbed by 8.4% YoY in H1 2024, due to the YoY rise in depreciation expenses as well as salaries and employees’ related benefits. The bank posted a YoY decrease in other general and administrative expenses during the same period.
Credit loss provisions also grew 21.8% YoY from SAR 719 million to SAR 876 million in the first six months of this year.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 5,193.67 | 5,857.47 | 12.8 % |
| Operating Income | 6,827.45 | 7,637.00 | 11.9 % |
| Debt Provisions | (360.39) | (454.82) | (26.2 %) |
| Net Income | 4,150.06 | 4,698.18 | 13.2 % |
| Average Shares | 4,000.00 | 4,000.00 | - |
| EPS (Riyals) | 1.04 | 1.17 | 13.2 % |
| EPS Diluted (Riyal) | 0.98 | 1.12 | 13.9 % |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 5,646.87 | 5,857.47 | 3.7 % |
| Operating Income | 7,229.11 | 7,637.00 | 5.6 % |
| Debt Provisions | (421.00) | (454.82) | (8.0 %) |
| Net Income | 4,404.76 | 4,698.18 | 6.7 % |
| Average Shares | 4,000.00 | 4,000.00 | - |
| EPS (Riyals) | 1.10 | 1.17 | 6.7 % |
| EPS Diluted (Riyal) | 1.05 | 1.12 | 6.6 % |
The second-quarter net profit leapt 13% to SAR 4.69 billion, from SAR 4.15 billion in Q2 2023.
Sequentially, net earnings rose 6.7% from SAR 4.40 billion in Q1 2024.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Assets | 783.93 | 866.96 | 10.6 % |
| Customer Deposits | 570.67 | 622.57 | 9.1 % |
| Financing Investments | 579.08 | 621.89 | 7.4 % |
Total shareholders’ equity, no minority interest and after sukuk, increased to SAR 97.62 billion as of June 30, 2024, from SAR 86.68 billion a year earlier.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}