Al Rajhi Bank reported a decline of 6% in H1 2020 net profit to SAR 4.81 billion, from SAR 5.10 billion in year earlier period, due to increased operating expenses, salaries and employees’ related benefits, depreciation expenses and general and other administrative expenses. Moreover, credit impairment charges also rose from SAR 775 million to SAR 1.15 billion.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 8,004.65 | 8,078.18 | 0.9 % |
| Operating Income | 9,500.05 | 9,775.33 | 2.9 % |
| Total Provisions | (775.05) | (1150.76) | (48.5 %) |
| Net Income | 5,101.89 | 4,816.25 | (5.6 %) |
| Average Shares | 4,000.00 | 4,000.00 | - |
| EPS (Riyals) | 1.28 | 1.20 | (5.6 %) |
In Q2 2020, Al Rajhi Bank’s net profit decreased by 4% to SAR 2.43 billion, compared to a net profit of SAR 2.53 billion in Q2 2019, on higher operating expenses, as well as salaries and employees related benefits, and depreciation.
When compared to the previous quarter, Q2 net profit grew by 2.3%, thanks to a decline in operating expenses, salaries and employees’ benefits. The bank reported an increase in other operating income.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 4,060.69 | 3,967.69 | (2.3 %) |
| Operating Income | 4,861.11 | 4,807.76 | (1.1 %) |
| Debt Provisions | (385.63) | (457.96) | (18.8 %) |
| Net Income | 2,533.91 | 2,436.10 | (3.9 %) |
| Average Shares | 4,000.00 | 4,000.00 | - |
| EPS (Riyals) | 0.63 | 0.61 | (3.9 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 4,110.48 | 3,967.69 | (3.5 %) |
| Operating Income | 4,967.56 | 4,807.76 | (3.2 %) |
| Debt Provisions | (692.81) | (457.96) | 33.9 % |
| Net Income | 2,380.15 | 2,436.10 | 2.4 % |
| Average Shares | 4,000.00 | 4,000.00 | - |
| EPS (Riyals) | 0.60 | 0.61 | 2.4 % |
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Assets | 369.20 | 417.68 | 13.1 % |
| Customer Deposits | 300.56 | 334.66 | 11.3 % |
| Financing Investments | 238.50 | 274.93 | 15.3 % |
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