Al Rajhi Bank announces its Interim Financial Results for the Period Ending on 2022-06-30 ( Six Months )

31 July 2022 08:09 AM

Default Company 1120.O 0.00% 0.00 0.00

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Total income from Special Commissions/Financing & Investments	6,480	5,243	23.59	5,891	10
Net Income from Special Commissions/Financing & Investments	5,567	5,052	10.19	5,340	4.25
Total Operation Profit (Loss)	7,148	6,336	12.81	6,957	2.75
Net Profit (Loss) before Zakat and Income Tax	4,747	4,022	18.02	4,609	2.99
Net Profit (Loss)	4,258	3,605	18.11	4,134	3
Total Comprehensive Income	3,305	3,948	-16.29	4,532	-27.07
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total income from Special Commissions/Financing & Investments	12,371	10,158	21.79
Net Income from Special Commissions/Financing & Investments	10,907	9,822	11.05
Total Operation Profit (Loss)	14,104	12,284	14.82
Net Profit (Loss) before Zakat and Income Tax	9,357	7,741	20.88
Net Profit (Loss)	8,392	6,940	20.92
Total Comprehensive Income	7,838	7,552	3.79
Total Share Holders Equity (after Deducting Minority Equity)	81,913	59,670	37.28
Assets	709,779	546,139	29.96
Investments	96,618	74,474	29.73
Loans and Advances Portfolio (Financing & Investment)	519,701	390,296	33.16
Clients' deposits	552,957	447,506	23.56
Profit (Loss) per Share	2.08	1.74
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	Net income increased due to an increase in total operating income by 12.8% caused by an increase in net financing and investment income, fees from banking services, and exchange income, while there was a decrease in other operating income. In contrast, the total operating expenses increased by 3.7% due to an increase in depreciation expense, salaries and employees’ related benefits, and other general and administrative expenses. In addition, there was a decrease in impairment charge for financing from SAR 584 million to SAR 580 million by 0.6 %.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	Net income increased due to an increase in total operating income by 2.7% caused by an increase in net financing and investment income, exchange income, fees from banking services, while there was a decrease in other operating income. In contrast, the total operating expenses increased by 2.3% due to an increase in depreciation expense, other general and administrative expenses, while there was a decrease in salaries and employees’ related benefits. In addition, there was an increase in impairment charge for financing from SAR 578 million to SAR 580 million by 0.4%.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	Net income increased due to an increase in total operating income by 14.8% caused by an increase in net financing and investment income, fees from banking services, exchange income, and other operating income. In contrast, the total operating expenses increased by 4.5% due to an increase in depreciation expense, salaries and employees’ related benefits, and other general and administrative expenses. In addition, there was a decrease in impairment charge for financing from SAR 1,161 million to SAR 1,159 million by 0.2 %.
Statement of the type of external auditor's report	Unmodified Conclusion
Reclassification of Comparison Items	Some items have been re-classified
Additional Information	The authorized, issued and fully paid share capital of the Bank consists of 4,000 million shares of SAR 10 each as of 30 June 2022 (31 December 2021: 2,500 million shares of SAR 10 each and 30 June 2021: 2,500 million shares of SAR 10 each). Basic and diluted earnings per share is calculated by dividing net income adjusted for Tier I Sukuk costs by weighted average number of the issued and outstanding shares after giving retrospective effect to the bonus shares issuance of 1,500 million shares, the weighted average number of outstanding shares as at 30 June, 2022 is 4,000 million shares. The diluted earnings per share is the same as the basic earnings per share.

Comments