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    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 EDT

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)


ę Reuters 2020
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Financials
Sales 2021 23 874 M 6 366 M 6 366 M
Net income 2021 12 602 M 3 360 M 3 360 M
Net Debt 2021 - - -
P/E ratio 2021 22,3x
Yield 2021 3,10%
Capitalization 277 B 73 729 M 73 731 M
Capi. / Sales 2021 11,6x
Capi. / Sales 2022 10,9x
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 13
Last Close Price 110,60 SAR
Average target price 89,53 SAR
Spread / Average Target -19,0%
EPS Revisions
Managers and Directors
NameTitle
Walid bin Abdullah Ali Al-Moqbel Chief Executive Officer
Abdulrahman Abdullah Abdulrahman Al-Fadda Chief Financial Officer
Abdullah Sulaiman Abdulaziz Al-Rajhi Chairman
Abdullah Sulaiman Al-Nami Chief Compliance Officer
Alaa bin Shakeeb Al-Jabri Independent Vice-Chairman