Al Rajhi Bank’s net profit declines 7% to SAR 2.38 bln in Q1 2020

Al Rajhi Bank’s net profit declines 7% to SAR 2.38 bln in Q1 2020

13/05/2020 Argaam Exclusive

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Al Rajhi Bank reported a net profit after Zakat and tax of SAR 2.38 billion for the first quarter of 2020, a 7% year-on-year (YoY) decrease, compared to SAR 2.56 billion in the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Net Income from investments and financial activities 3,943.96 4,110.48 4.2 %
Operating Income 4,638.94 4,967.56 7.1 %
Debt Provisions (389.42) (692.81) (77.9 %)
Net Income 2,567.99 2,380.15 (7.3 %)
Average Shares 4,000.00 4,000.00 -
EPS (Riyals) 0.64 0.60 (7.3 %)

The bank attributed the decline to higher operating expenses by 29% driven by increase in salaries and employee related benefits, depreciation, and other general and administrative expenses.

 

Higher impairment charge for financing amounting to SAR 693 million also contributed to the decline, despite increase in total operating income by 7%, on the back of rise in net special commission income, fees from banking services and exchange income, and lower other operating income.

 

When compared to previous quarter, net profit rose 9.1% due to lower total operating expenses by 10%, driven by a decrease in depreciation expenses and general and other administrative expenses.

Balance Sheet (B)

Item 3m 2019 3m 2020 Change‬
Assets 363.05 391.90 7.9 %
Customer Deposits 293.50 315.66 7.6 %
Financing Investments 234.83 261.39 11.3 %


Financial results (Million)

Period Net Income from investments and financial activities Change Operating Income Change Debt Provisions Change Net Income Change EPS(Riyal)
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
Q2 2016 2,780.55 10.6 % 3,923.66 11.0 % (555.28) (18.8 %) 2,051.93 5.7 % 0.51
Q3 2016 2,914.48 16.8 % 3,877.85 21.4 % (541.44) (28.9 %) 2,009.49 16.7 % 0.50
Q4 2016 2,921.23 17.5 % 3,812.32 6.1 % (508.04) 7.4 % 2,047.27 5.1 % 0.51
Q1 2017 2,885.74 12.1 % 3,853.09 4.3 % (372.41) 30.7 % 2,220.90 10.1 % 0.56
Q2 2017 2,954.42 6.3 % 3,876.96 (1.2 %) (405.29) 27.0 % 2,181.65 6.3 % 0.55
Q3 2017 3,032.11 4.0 % 3,976.36 2.5 % (409.88) 24.3 % 2,265.21 12.7 % 0.57
Q4 2017 3,157.15 8.1 % 4,198.45 10.1 % (360.00) 29.1 % 2,452.97 19.8 % 0.61
Q1 2018 3,441.33 19.3 % 4,142.41 7.5 % (450.43) (21.0 %) 2,306.28 3.8 % 0.58
Q2 2018 3,551.95 20.2 % 4,288.07 10.6 % (333.22) 17.8 % 2,474.22 13.4 % 0.62
Q3 2018 3,682.34 21.4 % 4,383.35 10.2 % (417.26) (1.8 %) 2,515.98 11.1 % 0.63
Q4 2018 3,811.37 20.7 % 4,505.69 7.3 % (330.03) 8.3 % (3528.54) (243.8 %) (0.88)
Q1 2019 3,943.96 14.6 % 4,638.94 12.0 % (389.42) 13.5 % 2,567.99 11.3 % 0.64
Q2 2019 4,060.69 14.3 % 4,861.11 13.4 % (385.63) (15.7 %) 2,533.91 2.4 % 0.63
Q3 2019 4,163.61 13.1 % 4,981.23 13.6 % (332.27) 20.4 % 2,738.82 8.9 % 0.68
Q4 2019 4,259.46 11.8 % 5,003.18 11.0 % (664.95) (101.5 %) 2,317.81 165.7 % 0.58
Q1 2020 4,110.48 4.2 % 4,967.56 7.1 % (692.81) (77.9 %) 2,380.15 (7.3 %) 0.60

Profitability

Period Return On Average Assets Return on Average Equity Net Profit/Investment Income & Other Financing Operations
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 %
Q2 2016 2.35 % 16.62 % 72.26 %
Q3 2016 2.45 % 16.95 % 71.49 %
Q4 2016 2.48 % 16.49 % 69.15 %
Q1 2017 2.52 % 16.92 % 68.98 %
Q2 2017 2.50 % 16.48 % 68.88 %
Q3 2017 2.61 % 16.90 % 70.37 %
Q4 2017 2.67 % 16.94 % 72.50 %
Q1 2018 2.69 % 18.07 % 70.20 %
Q2 2018 2.74 % 17.86 % 69.40 %
Q3 2018 2.81 % 18.51 % 68.09 %
Q4 2018 1.07 % 7.24 % 25.13 %
Q1 2019 1.13 % 7.95 % 25.96 %
Q2 2019 1.14 % 7.97 % 25.50 %
Q3 2019 1.19 % 8.56 % 26.12 %
Q4 2019 2.72 % 20.42 % 59.89 %
Q1 2020 2.64 % 19.83 % 58.21 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Financing Investments Change
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 %
Q2 2016 331.38 1.3 % 272.65 1.2 % 224.52 6.6 %
Q3 2016 330.52 1.6 % 272.60 0.4 % 225.86 7.6 %
Q4 2016 339.71 7.6 % 272.59 5.7 % 224.99 7.0 %
Q1 2017 337.23 4.3 % 271.29 1.8 % 229.42 6.0 %
Q2 2017 345.60 4.3 % 285.39 4.7 % 232.80 3.7 %
Q3 2017 338.03 2.3 % 270.10 (0.9 %) 233.18 3.2 %
Q4 2017 343.12 1.0 % 273.06 0.2 % 233.54 3.8 %
Q1 2018 348.43 3.3 % 283.94 4.7 % 228.23 (0.5 %)
Q2 2018 347.59 0.6 % 280.39 (1.8 %) 226.54 (2.7 %)
Q3 2018 355.58 5.2 % 288.84 6.9 % 232.02 (0.5 %)
Q4 2018 364.03 6.1 % 293.91 7.6 % 231.76 (0.8 %)
Q1 2019 363.05 4.2 % 293.50 3.4 % 234.83 2.9 %
Q2 2019 369.20 6.2 % 300.56 7.2 % 238.50 5.3 %
Q3 2019 367.87 3.5 % 298.81 3.5 % 244.59 5.4 %
Q4 2019 384.09 5.5 % 312.41 6.3 % 249.68 7.7 %
Q1 2020 391.90 7.9 % 315.66 7.5 % 261.39 11.3 %

Ratios

Period Customer Deposits Per Total Assets Financing Investments/Customer Deposits Financing Investments/Total Assets
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 %
Q2 2016 82.28 % 82.35 % 67.75 %
Q3 2016 82.48 % 82.86 % 68.34 %
Q4 2016 80.24 % 82.54 % 66.23 %
Q1 2017 80.45 % 84.57 % 68.03 %
Q2 2017 82.58 % 81.57 % 67.36 %
Q3 2017 79.90 % 86.33 % 68.98 %
Q4 2017 79.58 % 85.53 % 68.06 %
Q1 2018 81.49 % 80.38 % 65.50 %
Q2 2018 80.67 % 80.80 % 65.18 %
Q3 2018 81.23 % 80.33 % 65.25 %
Q4 2018 80.74 % 78.85 % 63.66 %
Q1 2019 80.84 % 80.01 % 64.68 %
Q2 2019 81.41 % 79.35 % 64.60 %
Q3 2019 81.23 % 81.85 % 66.49 %
Q4 2019 81.34 % 79.92 % 65.01 %
Q1 2020 80.55 % 82.81 % 66.70 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
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
Q2 2016 4,000.00 1.93 1.93 - 12.26
Q3 2016 4,000.00 2.01 2.01 - 12.45
Q4 2016 4,000.00 2.03 2.03 - 12.99
Q1 2017 4,000.00 2.08 2.08 - 12.86
Q2 2017 4,000.00 2.11 2.11 - 13.40
Q3 2017 4,000.00 2.18 2.18 - 13.34
Q4 2017 4,000.00 2.28 2.28 - 13.94
Q1 2018 4,000.00 2.30 2.30 - 12.61
Q2 2018 4,000.00 2.37 2.37 - 13.20
Q3 2018 4,000.00 2.44 2.44 - 12.99
Q4 2018 4,000.00 0.94 2.29 - 12.08
Q1 2019 4,000.00 1.01 2.36 - 12.74
Q2 2019 4,000.00 1.02 2.37 - 12.45
Q3 2019 4,000.00 1.08 2.43 - 12.19
Q4 2019 4,000.00 2.54 2.54 - 12.80
Q1 2020 4,000.00 2.49 2.49 - 12.40

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2016 12.28 12.28 1.94
Q3 2016 10.45 10.45 1.69
Q4 2016 12.62 12.62 1.97
Q1 2017 12.46 12.46 2.02
Q2 2017 13.40 13.40 2.12
Q3 2017 12.30 12.30 2.01
Q4 2017 11.52 11.52 1.88
Q1 2018 13.33 13.33 2.43
Q2 2018 14.77 14.77 2.66
Q3 2018 14.66 14.66 2.75
Q4 2018 37.75 15.51 2.94
Q1 2019 43.73 18.68 3.46
Q2 2019 42.62 18.36 3.50
Q3 2019 36.70 16.29 3.25
Q4 2019 16.10 16.10 3.19
Q1 2020 13.49 13.49 2.71

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Investment Banking and Brokerage Others
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 -
Q2 2016 2,917.24 409.74 472.94 156.25 -
Q3 2016 2,823.92 605.71 322.21 126.01 -
Q4 2016 2,589.42 591.98 516.81 114.11 -
Q1 2017 2,932.19 689.54 109.86 121.49 -
Q2 2017 2,673.54 438.84 666.59 97.99 -
Q3 2017 2,787.15 602.89 482.72 103.61 -
Q4 2017 3,445.50 578.22 47.58 127.16 -
Q1 2018 2,770.66 580.10 653.28 138.37 -
Q2 2018 2,874.80 573.65 704.21 135.40 -
Q3 2018 2,968.91 575.21 722.65 116.59 -
Q4 2018 3,009.07 586.02 764.00 146.61 -
Q1 2019 3,164.28 638.35 733.97 102.34 -
Q2 2019 3,429.66 618.86 701.17 111.42 -
Q3 2019 3,500.25 627.28 755.75 97.96 -
Q4 2019 3,496.63 647.44 707.46 151.65 -
Q1 2020 3,470.22 631.90 750.56 114.88 -

Analysts Estimates (Million)

Item Q1 2020 (e) Q1 2020 (a) Change‬
Average 2,550.48 2,380.15 (6.7 %)

Estimates vs Actual (Million)

Item Q1 2020 (e) Q1 2020 (a) Change
OSOOL AND BAKHEET 2,380.00 2,380.15 0.0 %
Riyad Capital 2,537.00 2,380.15 (6.2) %
AlJazira Capital 2,621.90 2,380.15 (9.2) %
SNB Capital 2,663.00 2,380.15 (10.6) %


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
78.90
(0.70) (0.88 %)

Al Rajhi Bank (ALRAJHI)

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