Al Rajhi Bank reported a net profit of SAR 7.4 billion for the first nine months of 2020, a decrease of 5% year-on-year (YoY), compared to SAR 7.8 billion in the same period a year earlier.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 12,168.27 | 12,274.63 | 0.9 % |
| Operating Income | 14,481.28 | 14,927.46 | 3.1 % |
| Total Provisions | (1107.32) | (1615.70) | (45.9 %) |
| Net Income | 7,840.72 | 7,474.10 | (4.7 %) |
| Average Shares | 4,000.00 | 4,000.00 | - |
| EPS (Riyals) | 1.96 | 1.87 | (4.7 %) |
The company attributed the profit decline to higher operating expense by 14.7%, mainly due to an increase in salaries and employees’ related benefits, depreciation expenses, and general and other administrative expenses.
Higher credit impairment charge, and total operating income also contributed to the drop in earnings.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 4,163.61 | 4,196.45 | 0.8 % |
| Operating Income | 4,981.23 | 5,152.13 | 3.4 % |
| Debt Provisions | (332.27) | (464.94) | (39.9 %) |
| Net Income | 2,738.82 | 2,657.85 | (3.0 %) |
| Average Shares | 4,000.00 | 4,000.00 | - |
| EPS (Riyals) | 0.68 | 0.66 | (3.0 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 3,967.69 | 4,196.45 | 5.8 % |
| Operating Income | 4,807.76 | 5,152.13 | 7.2 % |
| Debt Provisions | (457.96) | (464.94) | (1.5 %) |
| Net Income | 2,436.10 | 2,657.85 | 9.1 % |
| Average Shares | 4,000.00 | 4,000.00 | - |
| EPS (Riyals) | 0.61 | 0.66 | 9.1 % |
The bank’s net profit for Q3 2020 declined 3% YoY to SAR 2.6 billion, due to higher operating expenses by 13.5% and credit impairment charge.
However, on a sequential basis, Q3 2020 net profit rose 9% on higher total operating income.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Assets | 367.87 | 430.30 | 17.0 % |
| Customer Deposits | 298.81 | 345.32 | 15.6 % |
| Financing Investments | 244.59 | 289.73 | 18.5 % |
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