Al Rajhi Bank announces its interim financial results for the period ending on 2019-06-30 ( Six Months )

30 July 2019 09:03 AM

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Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Total Revenue for Special Commissions/Investments	4,183	3,669	14.009	4,087	2.348
Net Income for Special Commissions/Investments	4,061	3,552	14.329	3,944	2.966
Total operation Profit (Loss)	4,861	4,288	13.362	4,639	4.785
Net Profit (Loss)	2,580	2,474	4.284	2,597	-0.654
Total Comprehensive Income	2,544	2,392	6.354	2,698	-5.707
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Revenue for Special Commissions/Investments	8,269	7,227	14.418
Net Income for Special Commissions/Investments	8,005	6,993	14.471
Total operation Profit (Loss)	9,500	8,430	12.692
Net Profit (Loss)	5,177	4,781	8.282
Total Comprehensive Income	5,242	4,784	9.573
Total Share Holders Equity (after deducting minority equity)	50,140	52,791	-5.021
Assets	369,520	347,587	6.31
Investments	45,868	48,180	-4.798
Loans and advances portfolio	238,496	226,542	5.276
Customer deposits	300,563	280,387	7.195
Profit (Loss) per Share	2.07	1.91
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year	Net income has increased due to an increase in total operating income by 13.4% caused by an increase in net special commission income, fees from banking services, exchange income and other operating income. In contrast, the total operating expense increased by 16.0% due to an increase in depreciation and other general and administrative expenses. In addition, there was an increase in impairment charge for financing from 333.2 to 385.6 by %15.7. In contrast, there was a decrease in salaries and employees related benefits expenses by 4%.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter	Net income has decreased by 0.7% caused by an increase in total operating expenses by 13.7% due to an increase in other general and administrative expenses, salaries and employee related benefits and depreciation expenses. However, there was a decrease in impairment charge for financing from 389.4 to 385.6 by %1. In contrast, the total operating income has increased by 4.8% due an increase in net special commission income ,fees from banking services, net exchange income and other operating income
Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year	Net income has increased by 8.3% due to an increase in total operation income mainly driven by an increase in net special commission income, fees from banking services. On the other hand, the total operating expense increased by 7.7% due to an increase in other general and administrative expenses, and depreciation. In contrast, there was a decrease in impairment charge for financing from 783.6 to 775 by %1.1, along with the salaries and employee related benefits.
Type of the external auditor's opinion	Unmodified opinion
Reclassifications in quarter financial result	Some items have been re-classified
Additional Information	Starting from the quarter ended 30 June 2019, Zakat and tax are to be accrued on a quarterly basis and recognized in consolidated statement of income with a corresponding liability recognized in the consolidated statement of financial position in accordance with International Financial Reporting Standard (IFRS) and other standards and pronouncements endorsed by SOCPA. As such, net income before Zakat for the period ended 30 Jun 2019 is 5,752, in comparison to 4,951 for the same period last year with an increase of 16.17%. Net income after Zakat for the period ended 30 Jun 2019 is 5,177 in comparison to 4,781 for the same period last year.

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