Al Rajhi Bank’s Q1 2024 profit grows 6% to SAR 4.4B

Al Rajhi Bank’s Q1 2024 profit grows 6% to SAR 4.4B

29/04/2024 Argaam Exclusive

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Al Rajhi Bank’s Q1 2024 net profit grew by 6% to SAR 4.40 billion, from SAR 4.14 billion in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Net Income from investments and financial activities 5,125.26 5,646.87 10.2 %
Operating Income 6,780.62 7,229.11 6.6 %
Debt Provisions (358.78) (421.21) (17.4 %)
Net Income 4,145.17 4,404.76 6.3 %
Average Shares 4,000.00 4,000.00 -
EPS (Riyals) 1.04 1.10 6.3 %
EPS Diluted (Riyal) 0.99 1.05 6.1 %

The profit growth was fueled by a 10.2% rise year-on-year (YoY) in net financing and investment income, thanks to better gross financing and investment income. However, gross financing and investment returns also went up.

 

The bank’s total operating income also grew by 6.6% YoY on higher net financing and investment income and other operating income. Other general and administrative (G&A) expenses declined.

 

On the other hand, total operating expenses including impairment charges for financing increased by 7.2% YoY due to higher depreciation expenses and salaries and employee benefits.

Balance Sheet (B)

Item 3m 2023 3m 2024 Change‬
Assets 775.80 835.99 7.8 %
Customer Deposits 556.20 603.98 8.6 %
Financing Investments 577.01 608.99 5.5 %

Sequentially, the first-quarter net earnings rose 5.6% from SAR 4.17 billion in Q4 2023 driven by a 1.8% increase quarter-on-quarter (QoQ) in net financing and investment income. The total operating income also grew by 2.5%. Operating expenses including impairment charges decreased by 3.7% QoQ on lower other G&A.

 

Shareholders’ equity, no minority interest and excluding sukuk, stood at SAR 91.77 billion by the end of March 2024, up from SAR 82.72 billion in the year-earlier period.

 

View More Financial Results

 


Financial results (Million)

Period Net Income from investments and financial activities Change Operating Income Change Debt Provisions Change Net Income Change EPS(Riyal)
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
Q2 2020 3,967.69 (2.3 %) 4,807.76 (1.1 %) (457.96) (18.8 %) 2,436.10 (3.9 %) 0.61
Q3 2020 4,196.45 0.8 % 5,152.13 3.4 % (464.94) (39.9 %) 2,657.85 (3.0 %) 0.66
Q4 2020 4,638.39 8.9 % 5,793.81 15.8 % (550.04) 17.3 % 3,121.45 34.7 % 0.78
Q1 2021 4,770.55 16.1 % 5,947.58 19.7 % (576.99) 16.7 % 3,335.49 40.1 % 0.83
Q2 2021 5,051.78 27.3 % 6,336.32 31.8 % (583.97) (27.5 %) 3,604.69 48.0 % 0.90
Q3 2021 5,214.76 24.3 % 6,577.68 27.7 % (593.81) (27.7 %) 3,793.75 42.7 % 0.95
Q4 2021 5,354.85 15.4 % 6,854.82 18.3 % (590.32) (7.3 %) 4,012.29 28.5 % 1.00
Q1 2022 5,340.17 11.9 % 6,956.56 17.0 % (578.31) (0.2 %) 4,133.55 23.9 % 1.03
Q2 2022 5,566.76 10.2 % 7,147.86 12.8 % (580.42) 0.6 % 4,258.30 18.1 % 1.06
Q3 2022 5,687.02 9.1 % 7,206.46 9.6 % (489.96) 17.5 % 4,354.64 14.8 % 1.09
Q4 2022 5,578.73 4.2 % 7,264.14 6.0 % (352.58) 40.3 % 4,404.33 9.8 % 1.10
Q1 2023 5,125.26 (4.0 %) 6,780.62 (2.5 %) (358.78) 38.0 % 4,145.17 0.3 % 1.04
Q2 2023 5,193.67 (6.7 %) 6,827.45 (4.5 %) (360.39) 37.9 % 4,150.06 (2.5 %) 1.04
Q3 2023 5,400.64 (5.0 %) 6,872.51 (4.6 %) (379.40) 22.6 % 4,155.30 (4.6 %) 1.04
Q4 2023 5,549.55 (0.5 %) 7,050.83 (2.9 %) (405.61) (15.0 %) 4,170.62 (5.3 %) 1.04
Q1 2024 5,646.87 10.2 % 7,229.11 6.6 % (421.21) (17.4 %) 4,404.76 6.3 % 1.10

Profitability

Period Return On Average Assets Return on Average Equity Net Profit/Investment Income & Other Financing Operations
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 %
Q2 2020 2.51 % 19.41 % 57.98 %
Q3 2020 2.45 % 18.89 % 57.50 %
Q4 2020 2.48 % 19.39 % 60.97 %
Q1 2021 2.56 % 21.23 % 64.03 %
Q2 2021 2.64 % 22.79 % 66.24 %
Q3 2021 2.74 % 23.38 % 67.76 %
Q4 2021 2.70 % 23.52 % 68.77 %
Q1 2022 2.66 % 23.72 % 69.34 %
Q2 2022 2.58 % 23.98 % 68.48 %
Q3 2022 2.53 % 23.40 % 65.92 %
Q4 2022 2.48 % 22.72 % 60.82 %
Q1 2023 2.40 % 22.20 % 55.22 %
Q2 2023 2.28 % 21.04 % 50.32 %
Q3 2023 2.19 % 20.38 % 46.09 %
Q4 2023 2.12 % 19.11 % 42.91 %
Q1 2024 2.09 % 19.60 % 41.40 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Financing Investments Change
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 %
Q2 2020 417.68 13.1 % 334.66 11.3 % 274.93 15.3 %
Q3 2020 430.30 17.0 % 345.32 15.6 % 289.73 18.5 %
Q4 2020 468.82 22.1 % 382.63 22.5 % 315.71 26.4 %
Q1 2021 512.23 30.7 % 421.27 33.5 % 356.14 36.3 %
Q2 2021 546.14 30.8 % 447.51 33.7 % 390.30 42.0 %
Q3 2021 582.66 35.4 % 478.33 38.5 % 420.95 45.3 %
Q4 2021 623.64 33.0 % 512.07 33.8 % 452.83 43.4 %
Q1 2022 657.34 28.3 % 507.89 20.6 % 484.53 36.0 %
Q2 2022 709.28 29.9 % 552.96 23.6 % 519.70 33.2 %
Q3 2022 739.96 27.0 % 555.77 16.2 % 557.50 32.4 %
Q4 2022 761.62 22.1 % 564.92 10.3 % 568.34 25.5 %
Q1 2023 775.80 18.0 % 556.20 9.5 % 577.01 19.1 %
Q2 2023 784.52 10.6 % 570.67 3.2 % 579.08 11.4 %
Q3 2023 801.48 8.3 % 565.72 1.8 % 590.83 6.0 %
Q4 2023 808.10 6.1 % 573.10 1.4 % 594.20 4.6 %
Q1 2024 835.99 7.8 % 603.98 8.6 % 608.99 5.5 %

Ratios

Period Customer Deposits Per Total Assets Financing Investments/Customer Deposits Financing Investments/Total Assets
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 %
Q2 2020 80.12 % 82.15 % 65.82 %
Q3 2020 80.25 % 83.90 % 67.33 %
Q4 2020 81.61 % 82.51 % 67.34 %
Q1 2021 82.24 % 84.54 % 69.53 %
Q2 2021 81.94 % 87.22 % 71.46 %
Q3 2021 82.09 % 88.00 % 72.25 %
Q4 2021 82.11 % 88.43 % 72.61 %
Q1 2022 77.26 % 95.40 % 73.71 %
Q2 2022 77.96 % 93.99 % 73.27 %
Q3 2022 75.11 % 100.31 % 75.34 %
Q4 2022 74.17 % 100.60 % 74.62 %
Q1 2023 71.69 % 103.74 % 74.38 %
Q2 2023 72.74 % 101.47 % 73.81 %
Q3 2023 70.58 % 104.44 % 73.72 %
Q4 2023 70.92 % 103.68 % 73.53 %
Q1 2024 72.25 % 100.83 % 72.85 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
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
Q2 2020 4,000.00 2.47 2.47 - 12.98
Q3 2020 4,000.00 2.45 2.45 - 13.73
Q4 2020 4,000.00 2.65 2.65 - 14.53
Q1 2021 4,000.00 2.89 2.89 - 14.81
Q2 2021 4,000.00 3.18 3.18 - 14.92
Q3 2021 4,000.00 3.46 3.46 - 15.90
Q4 2021 4,000.00 3.69 3.69 - 16.82
Q1 2022 4,000.00 3.89 3.89 - 17.97
Q2 2022 4,000.00 4.05 4.05 - 18.85
Q3 2022 4,000.00 4.19 4.19 - 19.90
Q4 2022 4,000.00 4.29 4.29 4.23 20.93
Q1 2023 4,000.00 4.29 4.29 4.19 20.68
Q2 2023 4,000.00 4.26 4.26 4.12 21.67
Q3 2023 4,000.00 4.21 4.21 4.04 21.44
Q4 2023 4,000.00 4.16 4.16 3.95 22.56
Q1 2024 4,000.00 4.22 4.22 4.01 22.38

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2020 14.33 14.33 2.73
Q3 2020 16.78 16.78 2.99
Q4 2020 17.37 17.37 3.17
Q1 2021 21.39 21.39 4.17
Q2 2021 21.82 21.82 4.65
Q3 2021 22.12 22.12 4.82
Q4 2021 24.04 24.04 5.27
Q1 2022 25.83 25.83 5.59
Q2 2022 20.37 20.37 4.38
Q3 2022 19.40 19.40 4.09
Q4 2022 17.78 17.78 3.59
Q1 2023 17.54 17.54 3.55
Q2 2023 17.72 17.72 3.37
Q3 2023 16.81 16.81 3.17
Q4 2023 21.90 21.90 3.83
Q1 2024 20.52 20.52 3.68

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Investment Banking and Brokerage Others
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 -
Q2 2020 3,400.41 488.18 766.88 152.30 -
Q3 2020 2,996.99 740.72 1,155.71 258.72 -
Q4 2020 3,555.06 784.33 1,174.94 279.47 -
Q1 2021 3,500.80 744.34 1,408.57 293.87 -
Q2 2021 3,533.29 749.68 1,795.10 258.25 -
Q3 2021 3,393.98 860.61 2,108.46 214.63 -
Q4 2021 3,622.46 490.01 2,534.96 207.38 -
Q1 2022 3,240.62 909.28 2,546.87 259.81 -
Q2 2022 3,509.87 1,073.54 2,270.14 278.07 -
Q3 2022 3,875.36 1,260.43 1,850.31 220.36 -
Q4 2022 4,791.59 1,374.36 848.81 249.39 -
Q1 2023 4,027.65 1,498.80 946.90 307.27 -
Q2 2023 4,287.46 1,747.46 457.51 335.02 -
Q3 2023 4,163.08 2,108.70 255.57 345.15 -
Q4 2023 4,850.91 2,178.30 (128.75) 150.37 -
Q1 2024 4,572.51 2,152.96 147.14 356.50 -

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 4,300.83 4,404.76 2.42 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
SNB Capital 4,428.00 4,404.76 (0.5) %
AlJazira Capital 4,380.00 4,404.76 0.6 %
Hermes 4,442.00 4,404.76 (0.8) %
U-Capital 4,338.80 4,404.76 1.5 %
FAB Securities 4,294.00 4,404.76 2.6 %
Riyad Capital 4,291.00 4,404.76 2.7 %
Sico 4,280.00 4,404.76 2.9 %
OSOOL AND BAKHEET 4,243.93 4,404.76 3.8 %
United Securities Company 4,236.00 4,404.76 4.0 %
Value Capital 4,223.11 4,404.76 4.3 %
Citi Bank Group 4,152.31 4,404.76 6.1 %


Financial Ratios
Current
Market Cap (M) 316,400.00
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) 18.74
P/E (TTM) 18.74
Price/book 3.54
Return on Average Assets (%) (TTM) 2.1
Return on Average Equity (%) (TTM) 19.6
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Share Price

Al Rajhi Bank
79.10
(0.50) (0.63 %)

Al Rajhi Bank (ALRAJHI)

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