Al Rajhi Bank’s net profit up 10% in Q1

17/04/2017 Argaam Exclusive

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Al Rajhi Bank
79.10
(1.10) (1.37 %)

Al Rajhi Bank (ALRAJHI)

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Al Rajhi Bank reported a net profit of SAR 2.2 billion for the first quarter ending March 31, 2017, a 10.1 percent year-on-year (YoY) jump attributed to 4.3 percent rise in total operating income, and a 2.7 percent drop in total operating expenses on lower impairment charges. However, this was partially offset by higher general and administrative expenses.

 

Total operating income increased by 4.3 percent to SAR 3.9 billion mainly due to higher net financing and investment income.

When compared with the previous quarter, net profit for the period rose 8.5 percent. This was attributed to a 7.5 percent tumble in total operating expenses.



Current Quarter Comparison (M)

Compared With The
Item Q1 2016 Q1 2017 Change‬
Net Income from investments and financial activities 2,574.33 2,885.74 12.1 %
Operating Income 3,695.05 3,853.09 4.3 %
Debt Provisions (537.49) (372.41) 30.7 %
Net Income 2,017.27 2,220.90 10.1 %
Average Shares 4,000.00 4,000.00 -
EPS (Riyals) 0.50 0.56 10.1 %

Balance Sheet (B)

Item 3m 2016 3m 2017 Change‬
Assets 323.30 337.23 4.3 %
Customer Deposits 266.42 271.29 1.8 %
Financing Investments 216.39 229.42 6.0 %


Financial results (Million)

Period Net Income from investments and financial activities Change Operating Income Change Debt Provisions Change Net Income Change EPS(Riyal)
Q1 2008 2,030.19 11.4 % 2,484.56 12.5 % (186.92) (161.9 %) 1,601.84 2.1 % 0.40
Q2 2008 2,137.58 12.2 % 2,716.35 17.8 % (272.03) (183.5 %) 1,741.85 8.2 % 0.44
Q3 2008 2,149.99 8.0 % 2,705.02 11.1 % (185.55) (49.2 %) 1,757.05 3.7 % 0.44
Q4 2008 2,178.90 8.8 % 2,669.34 12.5 % (582.92) (284.7 %) 1,423.87 (9.6 %) 0.36
Q1 2009 2,310.76 13.8 % 2,739.86 10.3 % (231.32) (23.8 %) 1,731.67 8.1 % 0.43
Q2 2009 2,352.80 10.1 % 2,901.43 6.8 % (421.57) (55.0 %) 1,771.06 1.7 % 0.44
Q3 2009 2,498.87 16.2 % 3,114.11 15.1 % (593.97) (220.1 %) 1,794.91 2.2 % 0.45
Q4 2009 2,191.61 0.6 % 2,749.89 3.0 % (513.88) 11.8 % 1,469.59 3.2 % 0.37
Q1 2010 2,257.51 (2.3 %) 2,832.16 3.4 % (358.86) (55.1 %) 1,684.10 (2.7 %) 0.42
Q2 2010 2,263.23 (3.8 %) 2,998.78 3.4 % (422.13) (0.1 %) 1,778.61 0.4 % 0.44
Q3 2010 2,371.74 (5.1 %) 2,966.13 (4.8 %) (581.30) 2.1 % 1,639.99 (8.6 %) 0.41
Q4 2010 2,229.94 1.7 % 2,864.07 4.2 % (546.54) (6.4 %) 1,668.13 13.5 % 0.42
Q1 2011 2,233.12 (1.1 %) 2,936.76 3.7 % (349.37) 2.6 % 1,700.29 1.0 % 0.43
Q2 2011 2,272.89 0.4 % 3,050.55 1.7 % (346.75) 17.9 % 1,843.06 3.6 % 0.46
Q3 2011 2,293.24 (3.3 %) 3,191.95 7.6 % (408.43) 29.7 % 1,935.80 18.0 % 0.48
Q4 2011 2,270.70 1.8 % 3,322.86 16.0 % (540.59) 1.1 % 1,899.12 13.8 % 0.47
Q1 2012 2,327.71 4.2 % 3,427.44 16.7 % (466.75) (33.6 %) 2,011.33 18.3 % 0.50
Q2 2012 2,272.28 0.0 % 3,427.15 12.3 % (378.30) (9.1 %) 2,092.98 13.6 % 0.52
Q3 2012 2,367.30 3.2 % 3,638.64 14.0 % (829.72) (103.1 %) 1,869.30 (3.4 %) 0.47
Q4 2012 2,373.60 4.5 % 3,489.79 5.0 % (644.39) (19.2 %) 1,911.10 0.6 % 0.48
Q1 2013 2,359.88 1.4 % 3,441.26 0.4 % (396.86) 15.0 % 2,051.69 2.0 % 0.51
Q2 2013 2,394.49 5.4 % 3,434.88 0.2 % (308.21) 18.5 % 2,122.72 1.4 % 0.53
Q3 2013 2,425.27 2.4 % 3,427.61 (5.8 %) (695.82) 16.1 % 1,717.02 (8.1 %) 0.43
Q4 2013 2,469.42 4.0 % 3,541.28 1.5 % (948.79) (47.2 %) 1,546.56 (19.1 %) 0.39
Q1 2014 2,426.42 2.8 % 3,497.93 1.6 % (693.89) (74.8 %) 1,705.80 (16.9 %) 0.43
Q2 2014 2,493.85 4.1 % 3,643.60 6.1 % (598.15) (94.1 %) 1,948.95 (8.2 %) 0.49
Q3 2014 2,378.18 (1.9 %) 3,439.41 0.3 % (597.10) 14.2 % 1,661.61 (3.2 %) 0.42
Q4 2014 2,518.88 2.0 % 3,086.04 (12.9 %) (423.04) 55.4 % 1,519.81 (1.7 %) 0.38
Q1 2015 2,463.48 1.5 % 3,422.25 (2.2 %) (521.78) 24.8 % 1,518.55 (11.0 %) 0.38
Q2 2015 2,514.14 0.8 % 3,534.65 (3.0 %) (467.43) 21.9 % 1,941.37 (0.4 %) 0.49
Q3 2015 2,494.69 4.9 % 3,195.06 (7.1 %) (419.97) 29.7 % 1,721.40 3.6 % 0.43
Q4 2015 2,486.63 (1.3 %) 3,593.81 16.5 % (548.84) (29.7 %) 1,948.77 28.2 % 0.49
Q1 2016 2,574.33 4.5 % 3,695.05 8.0 % (537.49) (3.0 %) 2,017.27 32.8 % 0.50
Q2 2016 2,780.55 10.6 % 3,923.66 11.0 % (555.28) (18.8 %) 2,051.93 5.7 % 0.51
Q3 2016 2,914.48 16.8 % 3,877.85 21.4 % (541.44) (28.9 %) 2,009.49 16.7 % 0.50
Q4 2016 2,921.23 17.5 % 3,812.32 6.1 % (508.04) 7.4 % 2,047.27 5.1 % 0.51
Q1 2017 2,885.74 12.1 % 3,853.09 4.3 % (372.41) 30.7 % 2,220.90 10.1 % 0.56

Profitability

Period Return On Average Assets Return on Average Equity Net Profit/Investment Income & Other Financing Operations
Q1 2008 5.05 % 28.98 % 74.28 %
Q2 2008 4.81 % 28.62 % 74.31 %
Q3 2008 4.64 % 28.03 % 73.44 %
Q4 2008 4.53 % 25.77 % 69.24 %
Q1 2009 4.38 % 26.85 % 68.05 %
Q2 2009 4.27 % 26.11 % 67.00 %
Q3 2009 4.11 % 25.42 % 66.26 %
Q4 2009 4.05 % 24.27 % 68.19 %
Q1 2010 4.03 % 25.15 % 69.15 %
Q2 2010 3.95 % 23.61 % 70.48 %
Q3 2010 3.81 % 23.35 % 70.06 %
Q4 2010 3.81 % 22.93 % 72.39 %
Q1 2011 3.62 % 23.56 % 72.75 %
Q2 2011 3.50 % 22.38 % 73.28 %
Q3 2011 3.62 % 23.55 % 77.00 %
Q4 2011 3.64 % 23.13 % 79.13 %
Q1 2012 3.52 % 24.66 % 81.58 %
Q2 2012 3.51 % 23.95 % 84.18 %
Q3 2012 3.42 % 23.74 % 82.68 %
Q4 2012 3.23 % 22.54 % 81.40 %
Q1 2013 3.11 % 23.22 % 80.97 %
Q2 2013 3.11 % 22.04 % 79.92 %
Q3 2013 3.00 % 21.79 % 77.81 %
Q4 2013 2.72 % 19.84 % 73.54 %
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 %
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 %
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 %
Q1 2017 2.52 % 16.92 % 68.98 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Financing Investments Change
Q1 2008 143.05 25.6 % 101.44 25.1 % 122.70 24.6 %
Q2 2008 150.04 20.3 % 108.50 19.9 % 124.51 13.9 %
Q3 2008 163.26 30.9 % 118.27 29.8 % 136.68 26.2 %
Q4 2008 163.37 30.8 % 116.61 30.0 % 140.68 34.1 %
Q1 2009 160.78 12.4 % 119.88 18.2 % 110.35 (10.1 %)
Q2 2009 163.23 8.8 % 122.95 13.3 % 112.17 (9.9 %)
Q3 2009 163.72 0.3 % 123.28 4.2 % 113.21 (17.2 %)
Q4 2009 170.73 4.5 % 122.86 5.4 % 112.15 (20.3 %)
Q1 2010 172.42 7.2 % 129.46 8.0 % 117.13 6.1 %
Q2 2010 177.29 8.6 % 134.93 9.7 % 118.32 5.5 %
Q3 2010 181.52 10.9 % 139.48 13.1 % 119.28 5.4 %
Q4 2010 184.84 8.3 % 143.06 16.4 % 120.06 7.1 %
Q1 2011 203.03 17.8 % 160.44 23.9 % 124.25 6.1 %
Q2 2011 214.65 21.1 % 166.40 23.3 % 127.81 8.0 %
Q3 2011 212.89 17.3 % 166.80 19.6 % 134.70 12.9 %
Q4 2011 220.73 19.4 % 177.73 24.2 % 140.31 16.9 %
Q1 2012 234.17 15.3 % 186.09 16.0 % 151.84 22.2 %
Q2 2012 238.21 11.0 % 185.97 11.8 % 158.22 23.8 %
Q3 2012 247.25 16.1 % 195.15 17.0 % 165.55 22.9 %
Q4 2012 267.38 21.1 % 221.34 24.5 % 171.94 22.5 %
Q1 2013 275.61 17.7 % 231.81 24.6 % 180.49 18.9 %
Q2 2013 273.28 14.7 % 227.42 22.3 % 184.89 16.9 %
Q3 2013 272.98 10.4 % 225.52 15.6 % 185.45 12.0 %
Q4 2013 279.87 4.7 % 231.59 4.6 % 186.81 8.6 %
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 %

Ratios

Period Customer Deposits Per Total Assets Financing Investments/Customer Deposits Financing Investments/Total Assets
Q1 2008 70.91 % 120.96 % 85.77 %
Q2 2008 72.31 % 114.76 % 82.99 %
Q3 2008 72.45 % 115.56 % 83.72 %
Q4 2008 71.38 % 120.64 % 86.11 %
Q1 2009 74.56 % 92.05 % 68.63 %
Q2 2009 75.33 % 91.23 % 68.72 %
Q3 2009 75.30 % 91.83 % 69.15 %
Q4 2009 71.96 % 91.28 % 65.69 %
Q1 2010 75.09 % 90.47 % 67.93 %
Q2 2010 76.11 % 87.69 % 66.74 %
Q3 2010 76.84 % 85.51 % 65.71 %
Q4 2010 77.40 % 83.92 % 64.96 %
Q1 2011 79.02 % 77.45 % 61.20 %
Q2 2011 77.52 % 76.81 % 59.54 %
Q3 2011 78.35 % 80.75 % 63.27 %
Q4 2011 80.52 % 78.95 % 63.57 %
Q1 2012 79.47 % 81.59 % 64.84 %
Q2 2012 78.07 % 85.08 % 66.42 %
Q3 2012 78.93 % 84.83 % 66.96 %
Q4 2012 82.78 % 77.68 % 64.31 %
Q1 2013 84.11 % 77.86 % 65.49 %
Q2 2013 83.22 % 81.30 % 67.66 %
Q3 2013 82.61 % 82.23 % 67.93 %
Q4 2013 82.75 % 80.67 % 66.75 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2008 4,000.00 1.62 1.62 - 6.00
Q2 2008 4,000.00 1.65 1.65 - 5.96
Q3 2008 4,000.00 1.67 1.67 - 6.40
Q4 2008 4,000.00 1.63 1.63 - 6.76
Q1 2009 4,000.00 1.66 1.66 - 6.40
Q2 2009 4,000.00 1.67 1.67 - 6.84
Q3 2009 4,000.00 1.68 1.68 - 6.82
Q4 2009 4,000.00 1.69 1.69 - 7.19
Q1 2010 4,000.00 1.68 1.68 - 6.96
Q2 2010 4,000.00 1.68 1.68 - 7.41
Q3 2010 4,000.00 1.64 1.64 - 7.25
Q4 2010 4,000.00 1.69 1.69 - 7.58
Q1 2011 4,000.00 1.70 1.70 - 7.44
Q2 2011 4,000.00 1.71 1.71 - 7.90
Q3 2011 4,000.00 1.79 1.79 - 7.92
Q4 2011 4,000.00 1.84 1.84 - 8.37
Q1 2012 4,000.00 1.92 1.92 - 8.15
Q2 2012 4,000.00 1.98 1.98 - 8.67
Q3 2012 4,000.00 1.97 1.97 - 8.66
Q4 2012 4,000.00 1.97 1.97 - 9.12
Q1 2013 4,000.00 1.98 1.98 - 8.92
Q2 2013 4,000.00 1.99 1.99 - 9.38
Q3 2013 4,000.00 1.95 1.95 - 9.24
Q4 2013 4,000.00 1.86 1.86 - 9.62
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 19.28 19.28 5.21
Q2 2008 19.97 19.97 5.54
Q3 2008 17.87 17.87 4.66
Q4 2008 12.88 12.88 3.11
Q1 2009 11.67 11.67 3.04
Q2 2009 14.09 14.09 3.44
Q3 2009 16.69 16.69 4.11
Q4 2009 15.80 15.80 3.72
Q1 2010 19.10 19.10 4.61
Q2 2010 16.79 16.79 3.81
Q3 2010 17.98 17.98 4.07
Q4 2010 18.40 18.40 4.11
Q1 2011 17.19 17.19 3.92
Q2 2011 15.99 15.99 3.47
Q3 2011 14.54 14.54 3.28
Q4 2011 14.14 14.14 3.11
Q1 2012 16.15 16.15 3.81
Q2 2012 13.94 13.94 3.19
Q3 2012 13.58 13.58 3.09
Q4 2012 12.37 12.37 2.67
Q1 2013 12.45 12.45 2.77
Q2 2013 13.58 13.58 2.88
Q3 2013 14.86 14.86 3.14
Q4 2013 14.73 14.73 2.85
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

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Investment Banking and Brokerage Others..
Q1 2008 1,570.79 318.25 487.12 108.40 -
Q2 2008 1,523.36 627.22 435.67 130.10 -
Q3 2008 1,680.98 517.19 409.09 97.77 -
Q4 2008 1,281.50 716.02 664.64 7.18 -
Q1 2009 1,645.16 552.24 465.23 77.23 -
Q2 2009 1,775.16 559.19 490.68 76.40 -
Q3 2009 1,810.65 658.00 449.13 196.34 -
Q4 2009 1,922.88 397.79 316.50 112.72 -
Q1 2010 1,703.43 759.63 288.63 80.47 -
Q2 2010 2,129.32 546.37 244.22 78.87 -
Q3 2010 2,003.27 576.74 320.68 65.44 -
Q4 2010 2,045.36 497.60 263.80 57.31 -
Q1 2011 2,036.25 507.80 313.00 79.70 -
Q2 2011 2,133.25 467.95 220.40 228.95 -
Q3 2011 2,298.24 424.18 425.55 43.98 -
Q4 2011 2,380.18 431.63 148.37 362.68 -
Q1 2012 2,341.44 489.00 297.00 300.00 -
Q2 2012 2,527.07 463.82 328.17 108.09 -
Q3 2012 2,272.49 547.47 263.42 555.26 -
Q4 2012 2,415.62 425.49 361.85 286.83 -
Q1 2013 2,442.26 453.00 333.00 213.00 -
Q2 2013 2,558.28 340.35 329.32 206.93 -
Q3 2013 2,574.82 513.26 246.41 93.12 -
Q4 2013 2,250.99 540.62 547.20 202.47 -
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 -

Analysts Estimates (Million)

Item Q1 2017 (e) Q1 2017 (a) Change‬
Average 2,136.21 2,220.90 3.96 %

Estimates vs Actual (Million)

Item Q1 2017 (e) Q1 2017 (a) Change
Sico 2,185.00 2,220.90 1.6 %
KASB Capital 2,167.10 2,220.90 2.5 %
AlJazira Capital 2,164.50 2,220.90 2.6 %
SNB Capital 2,155.00 2,220.90 3.1 %
Albilad Capital 2,137.00 2,220.90 3.9 %
Riyad Capital 2,130.00 2,220.90 4.3 %
OSOOL AND BAKHEET 2,014.90 2,220.90 10.2 %


Financial Ratios
Current
Market Cap (M) 316,400.00
Shares Outstanding ((M)) 4,000.00
EPS ( Riyal) (TTM) 4.22
EPS Diluted ( Riyal) (TTM) 4.01
Book Value (BV) ( Riyal) 22.38
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 18.74
P/E (TTM) 18.74
Price/book 3.54
Return on Average Assets (%) (TTM) 2.1
Return on Average Equity (%) (TTM) 19.6
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