Al Rajhi Bank’s Q1 net profit rises 33% to SAR 2 bln

17/04/2016 Argaam Exclusive

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Al Rajhi Bank, Saudi Arabia's second-largest lender, reported a net profit of SAR 2.02 billion for the first quarter of 2016, a 33 percent year-on-year (YoY) increase attributed to higher income from banking services fees, net financing and investments, as well as lower operating expenses. 

 

Profit for Q1 was 4 percent higher compared to the previous quarter. However, banking services fees declined over the period, while operating expenses rose due to an increase in salaries expenses.



Current Quarter Comparison (M)

Compared With The
Item Q1 2015 Q1 2016 Change‬
Net Income from investments and financial activities 2,463.48 2,574.33 4.5 %
Operating Income 3,422.25 3,695.05 8.0 %
Debt Provisions (521.78) (537.49) (3.0 %)
Net Income 1,518.55 2,017.27 32.8 %
Average Shares 4,000.00 4,000.00 -
EPS (Riyals) 0.38 0.50 32.8 %

Balance Sheet (B)

Item 3m 2015 3m 2016 Change‬
Assets 320.43 323.30 0.9 %
Customer Deposits 268.48 266.42 (0.8 %)
Financing Investments 205.12 216.39 5.5 %


Financial results (Million)

Period Net Income from investments and financial activities Change Operating Income Change Debt Provisions Change Net Income Change EPS(Riyal)
Q1 2007 1,823.07 17.3 % 2,208.07 (2.9 %) (71.38) (7.9 %) 1,569.41 (10.5 %) 0.39
Q2 2007 1,904.94 13.0 % 2,305.67 (0.8 %) (95.97) (20.6 %) 1,610.22 (9.3 %) 0.40
Q3 2007 1,990.76 12.2 % 2,434.28 9.7 % (124.37) (146.2 %) 1,694.28 0.2 % 0.42
Q4 2007 2,003.05 10.5 % 2,373.08 (11.9 %) (151.52) (168.7 %) 1,575.75 (24.2 %) 0.39
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

Profitability

Period Return On Average Assets Return on Average Equity Net Profit/Investment Income & Other Financing Operations
Q1 2007 6.76 % 40.23 % 90.14 %
Q2 2007 6.15 % 35.86 % 85.39 %
Q3 2007 6.07 % 34.65 % 82.96 %
Q4 2007 5.61 % 29.46 % 75.14 %
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 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Financing Investments Change
Q1 2007 113.89 18.0 % 81.08 10.5 % 98.50 17.3 %
Q2 2007 124.73 23.2 % 90.45 25.2 % 109.33 23.9 %
Q3 2007 124.71 19.6 % 91.12 23.8 % 108.34 19.1 %
Q4 2007 124.89 18.7 % 89.73 22.2 % 104.88 17.1 %
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 %

Ratios

Period Customer Deposits Per Total Assets Financing Investments/Customer Deposits Financing Investments/Total Assets
Q1 2007 71.19 % 121.49 % 86.48 %
Q2 2007 72.52 % 120.87 % 87.65 %
Q3 2007 73.06 % 118.90 % 86.87 %
Q4 2007 71.85 % 116.89 % 83.98 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2007 4,000.00 1.78 1.78 - 5.19
Q2 2007 4,000.00 1.74 1.74 - 5.59
Q3 2007 4,000.00 1.74 1.74 - 5.51
Q4 2007 4,000.00 1.61 1.61 - 5.90
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 16.80 16.80 5.76
Q2 2007 13.85 13.85 4.30
Q3 2007 16.80 16.80 5.30
Q4 2007 27.28 27.28 7.45
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

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Investment Banking and Brokerage Others..
Q1 2007 1,404.95 276.84 379.04 147.25 -
Q2 2007 1,528.09 300.40 353.31 123.87 -
Q3 2007 1,565.27 330.99 448.75 89.27 -
Q4 2007 1,231.21 680.74 379.48 81.65 -
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 -

Analysts Estimates (Million)

Item Q1 2016 (e) Q1 2016 (a) Change‬
Average 1,810.83 2,017.27 11.40 %

Estimates vs Actual (Million)

Item Q1 2016 (e) Q1 2016 (a) Change
SNB Capital 1,912.00 2,017.27 5.5 %
SFC 1,896.00 2,017.27 6.4 %
Alistithmar Capital 1,866.50 2,017.27 8.1 %
Albilad Capital 1,850.00 2,017.27 9.0 %
KASB Capital 1,836.80 2,017.27 9.8 %
AlJazira Capital 1,830.00 2,017.27 10.2 %
OSOOL AND BAKHEET 1,735.30 2,017.27 16.2 %
HSBC 1,560.00 2,017.27 29.3 %


Financial Ratios
Current
Market Cap (M) 316,000.00
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) 18.72
P/E (TTM) 18.72
Price/book 3.53
Return on Average Assets (%) (TTM) 2.1
Return on Average Equity (%) (TTM) 19.6
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Share Price

Al Rajhi Bank
79.00
(0.80) (1.00 %)

Al Rajhi Bank (ALRAJHI)

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