Al Rajhi Bank reported a 2% decline in net profit to SAR 12.45 bln for the first nine months of 2023, compared to SAR 12.74 bln in the prior-year period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 16,593.95 | 15,719.57 | (5.3 %) |
| Operating Income | 21,310.88 | 20,480.58 | (3.9 %) |
| Total Provisions | (1648.68) | (1098.57) | 33.4 % |
| Net Income | 12,746.49 | 12,450.54 | (2.3 %) |
| Average Shares | 4,000.00 | 4,000.00 | - |
| EPS (Riyals) | 3.19 | 3.11 | (2.3 %) |
| EPS Diluted (Riyals) | 3.16 | 2.96 | (6.3 %) |
The bank reported a 3.9% year-on-year (YoY) drop in total operating income on a decrease in net financing as well as investment income and fees from banking services. By contrast, other operating income and exchange income increased.
Gross operating expenses (OpEx), including impairment charges for financing, decreased by 7% YoY, on lower other general and administrative expenses. This was offset by the YoY increase in depreciation expenses, as well as salaries and employees’ related benefits. In addition, the impairment charge for financing dropped by 33.4% from SAR 1.64 billion to SAR 1.09 billion.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 5,687.02 | 5,400.64 | (5.0 %) |
| Operating Income | 7,206.46 | 6,872.51 | (4.6 %) |
| Debt Provisions | (489.96) | (379.40) | 22.6 % |
| Net Income | 4,354.64 | 4,155.30 | (4.6 %) |
| Average Shares | 4,000.00 | 4,000.00 | - |
| EPS (Riyals) | 1.09 | 1.04 | (4.6 %) |
| EPS Diluted (Riyal) | 1.07 | 0.99 | (7.5 %) |
The third-quarter net profit declined 5% to SAR 4.15 billion from SAR 4.35 billion in Q3 2022. During the same period, gross operating income decreased by 4.6% YoY on lower net financing as well as investment income and fees from banking services. Other operating income and exchange income went up.
Sequentially, the Q3 bottom line grew by 0.1%.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Assets | 739.96 | 801.48 | 8.3 % |
| Customer Deposits | 555.77 | 565.72 | 1.8 % |
| Financing Investments | 557.50 | 590.83 | 6.0 % |
Shareholders’ equity, with no minority interest and after excluding sukuk, stood at SAR 85.78 billion by the end of Sept. 30, 2023, compared to SAR 79.60 billion in the year-earlier period.
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