Al Rajhi Bank

Pages 51
Tables 30
Charts 21
Price $100

• Al Rajhi bank domiciled in Saudi Arabia, the biggest economy in the GCC region, is the largest Islamic bank in the region.  • Al Raj.....


• Al Rajhi bank domiciled in Saudi Arabia, the biggest economy in the GCC region, is the largest Islamic bank in the region. 
• Al Rajhi bank is 75% owned by the public; 10% by General Organisation for Social Insurance (GOSI) and the remaining is held by Awak Sulaiman bin Abdul Aziz Al Rajhi family. 
• Al Rajhi bank has over 500 branches in Saudi Arabia and their business model is oriented towards retail banking. Retail loans account for the majority of lending by the bank at c.70% as of 2014. 
• Despite the large scale assets, the bank has been quite efficient with RoE’s > 17% over the years. 
• Al Rajhi remains well capitalized (Capital Adequacy Ratio >19%) with cheap source of funds and stable funding profile (demand deposits account for >80%) 
• Al Rajhi stock price has underperformed compared to the Saudi main index (TASI) in both the shorter and longer horizon (1yr to 5yr period). 
• Al Rajhi bank incurred seventh successive quarterly decline in profit in Q1, 2015. The Bank attributed this to the increase in operating expenses and decrease in fees collected from retail loans.


  1. Executive Summary
  2. Business Overview
    • Overview
    • Porter Five Force Analysis
    • STEEPLED analysis
  3. Financial Overview
    • 2014 Results
    • Loans & Deposits
    • Key Financial Ratios
    • Earnings Quality (EQ)
  4. Projections
  5. Peer Analysis
    • Domestic Peers
    • Regional Peers
    • Recent Developments
  6. Share Market Overview
    • Dividend
    • Risk Metrics
    • Liquidity
    • Analyst Calls
    • Credit Rating
  7. Appendix
    • Sector Overview
    • Growth Drivers

Tables & Charts

1.1: Al Rajhi Summary, 2014
1.2: Al Rajhi Business Review
1.3: Al Rajhi Financial Review
2.1: Top Islamic Banks in the Region, 2014
2.2: Top Banks in the Region, 2014
2.3: Al Rajhi Bank: Subsidiaries 
2.4: Al Rajhi International Footprint
2.5: Financial Ratios
2.6: Summary of Porter’s Five Forces analysis
2.7: Summary of STEEPLED analysis
2.8: SWOT analysis, Al Rajhi Bank
3.1: Earnings Quality across time periods
3.2: Earnings Quality Components, 2014
4.1: Projections for Income Statement, Balance Sheet 
4.2: Credit Growth (in %)
4.3: Al Rajhi Key Ratios 2011-2017
5.1: Al Rajhi Peers, 2014
5.2: Al Rajhi Islamic Peers, 2014
5.3: Profitability Ratios, 2014
5.4: Asset Quality Metrics, 2014
5.5: Capital & Liquidity Ratios, 2014
5.6: Rankings of Regional Peers based on Market Cap (USD bn), 2015
6.1: Returns of Al Rajhi vs. TASI
6.2: Al Rajhi Dividends, 2010-14
6.3: Al Rajhi Risk Metrics
6.4: Al Rajhi Liquidity Metrics
6.5: Al Rajhi Equity Calls
6.6: Al Rajhi Credit Rating
7.1: KSA banks’ credit break up by economic activity
7.2: Board of Directors and Designation

2.1: Al Rajhi Bank: Business lines
2.2: Shareholding Pattern
2.3: Key Milestones
2.4: GDP per capita in USD(2014)
3.1: Net Loans (USD million)
3.2: Loans by Sector, 2014
3.3: Assets 2010-14 (USD bn)
3.4: Assets by Type
3.5: Total Deposits (USD billion)
3.6: Deposits by Type 
3.7: Non-Interest Income (USD mn)
3.8: Non-Interest Expense (USD mn)
3.9: Net-Interest Income & Net Income (USD mn)
6.1: Al Rajhi vs. Saudi Index, Rebased (2010-2015) 
6.2: Al Rajhi Volume Traded (in mn) vs. Stock Price (SAR)
6.3: Risk vs. Return:Al Rajhi, Peers and Saudi Index, 2010-15
7.1: Sector wise breakup of Saudi Arabia Economy
7.2: Real GDP Growth Rate, 2010-2015 CAGR\
7.3: KSA Banking Sector (2010-2014) in USD billion
7.4: KSA Real GDP Growth Rate (in %)
7.5: Gross Domestic Product break-up (in %)

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Al Rajhi Bank

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