Al Rajhi Bank announces its Interim Financial Results for the Period Ending on 2020-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Total Revenue from Special Commissions/Financing & Investments | 4,253 | 4,087 | 4.061 | 4,412 | -3.603 |
| Net Income from Special Commissions/Financing & Investments | 4,110 | 3,944 | 4.208 | 4,259 | -3.498 |
| Total Operation Profit (Loss) | 4,968 | 4,639 | 7.092 | 5,003 | -0.699 |
| Net Profit (Loss) before Zakat and Income Tax | 2,654 | 2,848 | -6.811 | 2,431 | 9.173 |
| Net Profit (Loss) | 2,380 | 2,568 | -7.32 | 2,152 | 10.594 |
| Total Comprehensive Income | 2,145 | 2,669 | -19.632 | 2,259 | -5.046 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 49,587 | 50,975 | -2.722 |
| Assets | 391,901 | 363,054 | 7.945 |
| Investments | 49,658 | 45,612 | 8.87 |
| Loans and Advances Portfolio (Financing & Investment) | 261,385 | 234,826 | 11.31 |
| Customer Deposits | 315,661 | 293,504 | 7.549 |
| Profit (Loss) per Share | 0.95 | 1.03 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Quarter Compared to Same Quarter Last Year is Attributed to | Net income decreased due to an increase in total operating expenses by 29%. The increase in expenses is due to an increase in salaries and employees’ related benefits, depreciation, and other general and administrative expenses. In addition, there was an increase in impairment charge for financing from SAR 389 million to SAR 693 million by 78%. In contrast, the total operating income increased by 7% caused by an increase in net special commission income, fees from banking services, and exchange income, whereas, there was a decrease in other operating income. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | Net income increased due to the decrease in total operating expenses by 10%, mainly caused by a decrease in depreciation expenses and general and other administrative expenses. In contrast, there was an increase in salaries and employees’ related benefits besides an increase in the impairment charge for financing from SAR 665 million to SAR 693 million by 4%. In contrast, total operating income decreased by 1% caused by a decrease in net special commission income and other operating income. In contrast there was an increase in fees from banking services, and net exchange income. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification of Comparison Items | Some items have been re-classified |
| Additional Information | Starting from the quarter ended June 2019, and in accordance with International Financial Reporting Standards (IFRS) and other standards and pronouncements endorsed by (SOCPA), the Bank changed its accounting policy for reporting zakat. Accordingly, the Bank has reported zakat through the statement of income for Q1 2020 and restated Q1 2019. Previously zakat was reported in the statement of changes in shareholders’ equity.
Earnings per share is calculated by dividing the net income after zakat for the period ended 31 March 2020 and 31 March 2019 by 2,500 million shares to give a retroactive effect of change in the number of shares increased as a result of the bonus shares issued. |
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