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Al Rajhi Bank’s bottom line declined 3% y-o-y to SAR 16.6 bn in FY2023 on a 3.7% y-o-y decrease in total operating income, according to a disclosure to Tadawul yesterday. Similarly, the lender’s revenues from its financing and investment business fell 4.1% y-o-y to SAR 21.3 bn in the same period as a result of a 3.7% decrease in net financing and investment income and fees from banking services.
Positive indicators: The lender’s investments soared 32% y-o-y to SAR 133.4 bn in FY2023, the loans and advances portfolio grew 4.6% to SAR 594 bn, while client deposits grew 1.5% to SAR 573 bn.
4Q in a nutshell: Bottom line fell 5% y-o-y to SAR 4.5 bn in 4Q 2023, while revenues declined 0.5% y-o-y to SAR 5.6 bn, Argaam reports.
The bank has yet to post its 4Q / FY 2023 results on its investor relations website.
BAHRI’S NET INCOME UP IN 2023-
National shipping company Bahri’s net income rose by 50.6% y-o-y to SAR 1.6 bn in 2023, according to an earnings release. The company’s top line grew 2.3% y-o-y to SAR 8.8 bn during the same period.
Why the big jump? The company cites improved performance in different operations boosting gross earnings by some SAR 602 mn compared to last year as the company earned more from transporting oil and chemicals. Capital gains on the sale of vessels, collections of ins. claims, as well as an uptick in income from murabaha deposits were also cited as factors shoring up earnings.
2023 highlights: This year saw Bahri, along with the Suez Canal Authority pour some USD 50 mn into an Egyptian joint-stock company for maritime transport. The company also secured an agreement with South Korean ship owner Sinokor that will see the liner charter two newbuild 115k Aframax tankers. Bahri is also set to become Saudi railway operator Saudi Arabia Railways’ primary freight forwarding services provider, under a three-year agreement.
