News & Announcements

ALRAJHI

29 April, 2024 08:25

Al Rajhi Bank announces its Interim Financial Results for the Period Ending on 2024-03-31 ( Three Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Total Income From Special Commission of Financing	9,213	7,643	20.541	9,230	-0.184
Total Income From Special Commission of Investment	1,590	1,125	41.333	1,474	7.869
Net Income From Special Commission of Financing	5,059	4,624	9.407	5,039	0.396
Net Income From Special Commission of Investment	588	501	17.365	511	15.068
Total Operations Profit (Loss)	7,229	6,781	6.606	7,051	2.524
Net Profit (Loss) before Zakat and Income Tax	4,914	4,622	6.317	4,647	5.745
Net Profit/(Loss)	4,405	4,145	6.272	4,171	5.61
Total Comprehensive Income	4,060	4,205	-3.448	4,675	-13.155
Total Operating Expenses Before Provisions for Credit and Other Losses	1,894	1,800	5.222	1,998	-5.205
Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net	421	359	17.27	406	3.694
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Assets	835,992	775,796	7.759
Investments	142,072	113,926	24.705
Loans And Advances Portfolio (Financing And Investment)	608,990	577,011	5.542
Clients' deposits	603,978	556,197	8.59
Total Shareholder’s Equity (After Deducting The Minority’s Rights)	108,272	99,227	9.115
Profit (Loss) per Share	1.05	0.99
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Amount	Percentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value	-	-
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in special commission income during the current quarter compared to the same quarter of the last year is	Net financing and investment income Increased by 10.2% caused by an increase in gross financing and investment income, while there was an increase in gross financing and investment return.
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 6.6% caused by an increase in net financing and investment income and other operating income, while there was a decreased in fees from banking services and exchange income. In contrast, the total operating expenses including impairment charges for financing increased by 7.2% due to an increase in depreciation expense and salaries and employees’ related benefits, while there was a decrease in other general and administrative expenses. In addition, there was an increase in impairment charge for financing from SAR 359 million to SAR 421 million by 17.3%.
The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the same quarter of the last year is	The increase in the net provision for expected credit losses is attributed to the increase in gross charge by 1.8% coupled with a reduction in recoveries from written off financing by 12.6% compared to the same quarter of the last year.
The reason of the increase (decrease) in special commission income during the current quarter compared to the previous quarter is	Net financing and investment income Increased by 1.8% caused by an increase in gross financing and investment income, while there was an increase in gross financing and investment return.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter is	Net income increased due to an increase in total operating income by 2.5% caused by an increase in net financing and investment income, other operating income and fees from banking services, while there was a decrease in exchange income. In contrast, the total operating expenses including impairment charges for financing decreased by 3.7% due to a decrease in other general and administrative expenses, while there was an increase in salaries and employees’ related benefits and depreciation expense. In addition, there was an increase in impairment charge for financing from SAR 406 million to SAR 421 million by 3.8%.
The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the previous quarter is	The increase in the net provision for expected credit losses is attributed to the reduction in recoveries from written off financing by 33.9% while gross charge decreased by 17.3% compared to last quarter.
Statement of the type of external auditor's report	Unmodified Conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion)	N/A
Reclassification of Comparison Items	Some items have been re-classified
Additional Information	-

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