Saudi British Bank (SABB) reported a marginal decline in net profit to SAR 970 million for Q1 2021, compared to SAR 971 million in the year-earlier period.
The slight fall in profit resulted from a decrease in total operating income mainly driven by lower net special commission income. However, it was partially offset by a lower provision for expected credit losses, total operating expenses and a higher share of earnings of associates.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,902.58 | 1,426.82 | (25.0 %) |
| Operating Income | 2,368.89 | 2,021.53 | (14.7 %) |
| Debt Provisions | (239.07) | (1.67) | 99.3 % |
| Net Income | 975.59 | 973.71 | (0.2 %) |
| Average Shares | 2,054.80 | 2,054.80 | - |
| EPS (Riyals) | 0.47 | 0.47 | (0.2 %) |
| EPS Diluted (Riyal) | 0.47 | 0.47 | 0.0 % |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,497.43 | 1,426.82 | (4.7 %) |
| Operating Income | 2,049.61 | 2,021.53 | (1.4 %) |
| Debt Provisions | (31.98) | (1.67) | 94.8 % |
| Net Income | 681.88 | 973.71 | 42.8 % |
| Average Shares | 2,054.80 | 2,054.80 | - |
| EPS (Riyals) | 0.33 | 0.47 | 42.8 % |
| EPS Diluted (Riyal) | 0.33 | 0.47 | 42.4 % |
When compared to Q4 2020, net profit surged 42% on the back of lower total operating expenses and a decline in provision for expected credit losses.
Shareholders’ equity, excluding minority interest, fell by 6.5% to SAR 51.93 billion by the end of Q1 2021, compared to SAR 55.55 billion in the year-ago period.
| Item | 3m 2020 | 3m 2021 | Change |
|---|---|---|---|
| Assets | 265.69 | 271.56 | 2.2 % |
| Customer Deposits | 188.28 | 183.69 | (2.4 %) |
| Loan | 155.18 | 156.71 | 1.0 % |
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