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  • Saudi Flag
    FIRST LOOK NOTES
    30 Apr 2025
    Al Rajhi Bank
    HOLD
    SAR 98.50
    SAR 105.00
    +6.60%

    Saudi Equity Research - Al Rajhi Bank (RJHI) 1Q25 - First Look Note

    Funded income grew faster than funded expense on a YOY basis, leading to NIMs expansion of 8 bps YOY in 1Q25. Non-funded income rose 32.9% YOY to SAR 2.1 Bn in 1Q25 attributed to strong growth in fees, exchange and other operating income.
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  • Saudi Flag
    FIRST LOOK NOTES
    11 Feb 2025
    Al Rajhi Bank
    HOLD
    SAR 99.60
    SAR 103.00
    +3.41%

    Saudi Equity Research - Al Rajhi Bank (RJHI) 4Q24 - First Look Note

    NIMs expanded 21 bps YOY and 7 bps QOQ to 3.1% in 4Q24 despite a decline in the interest rates. Cost-to-income ratio improved to 23.4% in 4Q24 compared to 28.3% in 4Q23 and 24.5% in 3Q24 owing to cost efficiencies measures.
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  • Saudi Flag
    FIRST LOOK NOTES
    12 Nov 2024
    Al Rajhi Bank
    HOLD
    SAR 94.40
    SAR 95.00
    +0.64%

    Saudi Equity Research - Al Rajhi Bank (RJHI) 3Q24 - First Look Note

    NIMs improved 17 bps YOY and 13 bps QOQ to 3.17% in 3Q24 and revised 2024 NIMs growth forecast to 10-20 bps. Net advances grew 9.9% YOY to SAR 649.0 Bn in 3Q24, driven by an increase in retail, corporate and SME financing.
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  • Saudi Flag
    FIRST LOOK NOTES
    11 Oct 2024
    Al Rajhi Bank
    HOLD
    SAR 83.80
    SAR 90.00
    +7.40%

    Healthy asset quality and growth in lending supported profitability

    Al Rajhi’s net advances grew 7.4% YOY and 2.1% QOQ to SAR 622 Bn in 2Q24, driven by increased corporate and SME financing in 2Q24.
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  • Saudi Flag
    FIRST LOOK NOTES
    07 May 2024
    Al Rajhi Bank
    ACCUMULATE
    SAR 80.10
    SAR 90.00
    +12.36%

    Healthy advances growth and solid asset quality maintain healthy growth in profitability

    Al Rajhi witnessed a healthy loan growth of 5.5% YOY and 2.5% QOQ to SAR 609 Bn in 1Q24.Deposits rose 8.6% YOY and 5.4% QOQ to SAR 604 Bn in 1Q24. Thus, the headline loan-to-deposit ratio declined to 100.8% in 1Q24 from 103.7% in 4Q23.
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  • Saudi Flag
    FIRST LOOK NOTES
    19 Feb 2024
    Al Rajhi Bank
    HOLD
    SAR 89.50
    SAR 90.00
    +0.56%

    Decline in non-funded income and a rise in impairments dragged the bottom line

    Al Rajhi Bank’s (“ALRAJHI”, “The Bank”) net profit declined 5.3% YOY to SAR 4,171 Mn in 4Q23, in line with our estimate of SAR 4,256 Mn. The decline in net profit is attributable to a fall in non-funded income and a rise in impairments partially offset by a marginal decline in operating expenses and lower zakat charges.
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  • Saudi Flag
    FIRST LOOK NOTES
    30 Oct 2023
    Al Rajhi Bank
    BUY
    SAR 65.60
    SAR 82.00
    +25.00%

    Higher cost of funds continues to impact profitability

    Al Rajhi Bank’s (“ALRAJHI”, “The Bank”) net profit declined 4.6% YOY to SAR 4,155 Mn in 3Q23, in line with our estimate of SAR 4,171 Mn. The decline in net profit is attributable to a fall in net-funded and non-funded income partially offset by a decline in operating expenses, impairment charges, and zakat expenses.
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  • Saudi Flag
    FIRST LOOK NOTES
    07 Aug 2023
    Al Rajhi Bank
    ACCUMULATE
    SAR 71.40
    SAR 82.00
    +14.85%

    Rising cost of funds pressurized overall margins and profit

    Al Rajhi Bank’s (“ALRAJHI”, “The Bank”) net profit declined 2.5% YOY to SAR 4,150 Mn in 2Q23, in line with our estimate of SAR 4,193 Mn.
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  • Saudi Flag
    FIRST LOOK NOTES
    01 May 2023
    Al Rajhi Bank
    ACCUMULATE
    SAR 76.80
    SAR 85.00
    +10.68%

    Continued rise in cost-of-funds restricted profitability

    Al Rajhi Bank’s (“ALRAJHI”, “The Bank”) net profit rose marginally 0.3% YOY to SAR 4,145 Mn in 1Q23, lower than our estimate of SAR 4,444 Mn. The increase is mainly due to a decrease in total operating expenses, impairment charges, and marginal increase in non-funded income partially offset by a decline in net funded income.
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