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MarketScreener Homepage  >  Equities  >  Saudi Arabian Stock Exchange  >  Al Rajhi Banking and Investment Corporation    1120   SA0007879113

AL RAJHI BANKING AND INVESTMENT CORPORATION

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Al Rajhi Banking and Investment : Saudi's Al Rajhi Bank reports 3% drop in third-quarter profit, impairments up

10/25/2020 | 02:19am EST

DUBAI (Reuters) - Al Rajhi Bank, Saudi Arabia's second-largest lender by assets, reported a 3% drop in third-quarter net profit on Sunday, but beat analysts' forecasts.

The bank made 2.66 billion riyals ($709.28 million) in the three months to Sept. 30, down from 2.74 billion riyals in the same period a year earlier, it said in a bourse statement.

Analysts had forecast a net profit of 2.39 billion riyals, according to Refinitiv data.

Al Rajhi said an increase in expenses as a result of a rise in salaries and employee-related benefits, along with general and other administrative expenses, led to its weaker performance in the third quarter.

The bank also attributed the decline in profits to a 39.9% increase in credit impairment charges to 465 million riyals.

Operating income for the quarter rose by 3.4% on the corresponding period of 2019 to 5.16 billion riyals, while profits from special commissions increased 0.8% to 4.2 billion riyals.

($1 = 3.7503 riyals)

(Reporting by Hadeel Al Sayegh; Editing by Susan Fenton)


© Reuters 2020
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Financials
Sales 2020 19 508 M 5 202 M 5 202 M
Net income 2020 9 573 M 2 553 M 2 553 M
Net Debt 2020 - - -
P/E ratio 2020 19,3x
Yield 2020 2,46%
Capitalization 185 B 49 391 M 49 396 M
Capi. / Sales 2020 9,50x
Capi. / Sales 2021 9,17x
Nbr of Employees -
Free-Float 94,1%
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Technical analysis trends AL RAJHI BANKING AND INVESTMENT CORPORATION
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 14
Average target price 63,34 SAR
Last Close Price 74,10 SAR
Spread / Highest target 9,31%
Spread / Average Target -14,5%
Spread / Lowest Target -41,7%
EPS Revisions