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    1120   SA0007879113

AL RAJHI BANKING AND INVESTMENT CORPORATION

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Al Rajhi Banking and Investment : Saudi lender Al Rajhi reports 48% rise in Q2 net income

08/01/2021 | 04:25am EDT

DUBAI, Aug 1 (Reuters) - Al Rajhi Bank, Saudi Arabia's second-biggest lender, posted a 48% jump in quarterly profit, helped by an increase in net financing and investment income, and fees from banking services.

The bank reported a net profit of 3.6 billion riyals ($959.92 million) for the period ended June 30, up from 2.44 billion in the same period a year earlier.

Analysts had forecast a net profit of 3.4 billion riyals, according to an average estimate of five analysts in Refinitiv Eikon.

The Islamic lender said income from special commissions, financing and investments rose 27% from a year earlier to 5 billion riyals.

Saudi banks have benefited from growth in mortgages and an economic recovery this year following the easing of the lockdowns imposed to combat the outbreak of coronavirus.

The International Monetary Fund expects Saudi Arabia's economy to grow at 2.4% this year, after the kingdom's economy contracted 4.1% in 2020 due to the twin shock of the COVID-19 pandemic and lower oil prices.

($1 = 3.7503 riyals) (Reporting by Saeed Azhar, editing by Louise Heavens)


ę Reuters 2021
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Analyst Recommendations on AL RAJHI BANKING AND INVESTMENT CORPORATION
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Financials
Sales 2021 24 876 M 6 633 M 6 633 M
Net income 2021 14 157 M 3 775 M 3 775 M
Net Debt 2021 - - -
P/E ratio 2021 21,5x
Yield 2021 2,59%
Capitalization 305 B 81 174 M 81 189 M
Capi. / Sales 2021 12,2x
Capi. / Sales 2022 10,9x
Nbr of Employees -
Free-Float 90,4%
Chart AL RAJHI BANKING AND INVESTMENT CORPORATION
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Al Rajhi Banking and Investment Corporation Technical Analysis Chart | 1120 | SA0007879113 | MarketScreener
Technical analysis trends AL RAJHI BANKING AND INVESTMENT CORPORATION
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TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 121,80 SAR
Average target price 110,37 SAR
Spread / Average Target -9,38%
EPS Revisions
Managers and Directors
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