Al Rajhi Bank announces its Interim Financial Results for the Period Ending on 2020-09-30 ( Nine Months )

25 October 2020 08:50 AM

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Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Total Revenue from Special Commissions/Financing & Investments	4,282	4,282	-	4,082	4.899
Net Income from Special Commissions/Financing & Investments	4,196	4,164	0.768	3,968	5.745
Total Operation Profit (Loss)	5,152	4,981	3.433	4,808	7.154
Net Profit (Loss) before Zakat and Income Tax	2,963	3,053	-2.947	2,716	9.094
Net Profit (Loss)	2,658	2,739	-2.957	2,436	9.113
Total Comprehensive Income	2,989	2,701	10.662	2,343	27.571
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Revenue from Special Commissions/Financing & Investments	12,617	12,551	0.525
Net Income from Special Commissions/Financing & Investments	12,275	12,168	0.879
Total Operation Profit (Loss)	14,927	14,481	3.079
Net Profit (Loss) before Zakat and Income Tax	8,333	8,730	-4.547
Net Profit (Loss)	7,474	7,841	-4.68
Total Comprehensive Income	7,477	7,868	-4.969
Total Share Holders Equity (after Deducting Minority Equity)	54,919	48,767	12.615
Assets	430,300	367,871	16.97
Investments	57,111	45,946	24.3
Loans and Advances Portfolio (Financing & Investment)	289,729	244,586	18.456
Customer Deposits	345,322	298,811	15.565
Profit (Loss) per Share	2.99	3.14
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 13.5% due to an increase in salaries and employees related benefits, and general and other administrative expenses, while, there was a decrease in depreciation. In addition, there was an increase in credit impairment charge from SAR 332 million to SAR 465 million by 39.9%. In contrast, there was an increase in total operating income by 3.4% as a result of the increase in net financing and investment income, fees from banking services and other operating income.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to	Net income increased due to an increase in total operating income by 7.2%, mainly caused by an increase in net financing and investment income, net exchange income, and fees from banking services. Whereas, there was a decrease in other operating income. However, there was an increase in total operating expense by 4.6% due to an increase in salaries and employee related benefits and general and other administrative expenses, while, there was a decrease in depreciation. In addition, credit impairment charge increased from SAR 458 million to SAR 465 million by 1.5%.
Increase (Decrease) in Net Profit for Current Period Compared to the Same Period Last Year is Attributed to	Net income decreased due to an increase in total operating expense by 14.7%, mainly caused by an increase in salaries and employees’ related benefits and depreciation expenses and general and other administrative expenses. In addition, credit impairment charge has increased from SAR 1,107 million to SAR 1,616 million by 45.9%. In contrast, total operating income increased by 3.1% caused by an increase in income from investment and financing, fees from banking services, and other operating income.
Basis of the External Auditor's Opinion	Unmodified opinion
Reclassification of Comparison Items	Some items have been re-classified
Additional Information	Earnings per share is calculated by dividing the net income after Zakat for the period ended 30 Sep 2020 and 30 Sep 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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