Financial Results : Al Rajhi Bank profit rises 34% to SAR 5.91B in Q1 2025

Al Rajhi Bank profit rises 34% to SAR 5.91B in Q1 2025

22/04/2025 Argaam Exclusive

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Al Rajhi Bank's net profit reached SAR 5.91 billion in Q1 2025, up 34% compared to SAR 4.41 billion a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Net Income from investments and financial activities 5,646.87 7,097.12 25.7 %
Operating Income 7,229.11 9,200.15 27.3 %
Debt Provisions (407.13) (509.81) (25.2 %)
Net Income 4,404.76 5,906.04 34.1 %
Average Shares 4,000.00 4,000.00 -
Earnings Per Share before unusual items (Riyal) 1.10 1.48 34.1 %
EPS (Riyal) 1.10 1.48 34.1 %
EPS Diluted (Riyal) 1.05 1.41 34.7 %

The profit increase was driven by a 27.3% hike in gross operating income for the first quarter of this year. This was mainly due to higher net financing and investment income, banking services fees, other operating income, and foreign exchange gains.

 

Additionally, net financing and investment income grew by 25.7% during the three-month period, supported by the elevated gross financing and investment income, which was partially offset by higher returns on financing and investments.

 

On the other hand, gross operating expenses, including the provision for credit losses, increased by 12.9% in Q1 2025. This was because of the soaring depreciation expenses, salaries and employee benefits, and other general and administrative expenses.

 

Additionally, the provision for expected credit losses expanded by 24.6% to SAR 525 million in Q1 2025, from SAR 421 million in Q1 2024. This was due to a 46.7% rise in total additions, alongside a 73.9% surge in recoveries from written-off loans in Q1 2025, compared to the year-ago period.

 

Sequentially, the first-quarter bottom line grew by 7.1% from SAR 5.51 billion in Q4 2024.

Balance Sheet (B)

Item 3m 2024 3m 2025 Change‬
Assets 835.99 1,023.08 22.4 %
Customer Deposits 603.98 629.23 4.2 %
Financing Investments 608.99 722.79 18.7 %

Shareholders’ equity, after minority interest and sukuk, stood at SAR 105 billion by the end of Q1 2025, compared to SAR 90 billion in the year-earlier period.

 

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