The Saudi Investment bank posts higher net profit at SAR 337.5m in I1 of 2014

31/03/2014 Argaam Exclusive

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Share Price

Saudi Investment Bank
12.94
(0.18) (1.37 %)

Saudi Investment Bank (SAIB)

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The Saudi Investment bank, the fourth smallest Saudi bank, reported SAR 337.5m net profit at the end of the first quarter of 2014, compared to SAR 314.3m in the same period last year, as shown in the following table:



Current Quarter Comparison (M)

Compared With The
Item Q1 2013 Q1 2014 Change‬
Net Special Commission Income 339.61 354.68 4.4 %
Operating Income 505.38 533.35 5.5 %
Debt Provisions (30.00) (141.00) (370.0 %)
Net Income 314.27 337.47 7.4 %
Average Shares 1,250.00 1,250.00 -
EPS (Riyals) 0.25 0.27 7.4 %

Balance Sheet (B)

Item 3m 2013 3m 2014 Change‬
Assets 63.13 82.86 31.3 %
Customer Deposits 44.04 62.14 41.1 %
Loan 36.99 52.24 41.2 %


Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Debt Provisions Change Net Income Change EPS(Riyal)
Q1 2005 171.33 27.9 % 302.89 52.3 % (20.00) 0.0 % 211.05 68.0 % 0.17
Q2 2005 197.51 25.2 % 386.89 21.3 % (30.00) 50.0 % 279.39 66.1 % 0.22
Q3 2005 208.57 49.2 % 392.97 62.2 % (25.00) 0.0 % 286.07 101.4 % 0.23
Q4 2005 208.34 33.2 % 433.26 71.1 % (25.00) 0.0 % 287.72 90.3 % 0.23
Q1 2006 224.80 31.2 % 669.67 121.1 % (40.00) (100.0 %) 540.28 156.0 % 0.43
Q2 2006 247.85 25.5 % 1,007.80 160.5 % (30.00) 0.0 % 838.29 200.0 % 0.67
Q3 2006 274.88 31.8 % 453.93 15.5 % (10.00) 60.0 % 326.29 14.1 % 0.26
Q4 2006 282.95 35.8 % 424.87 (1.9 %) (16.50) 34.0 % 301.40 4.8 % 0.24
Q1 2007 284.28 26.5 % 425.50 (36.5 %) (15.00) 62.5 % 306.14 (43.3 %) 0.24
Q2 2007 248.71 0.3 % 347.49 (65.5 %) (5.00) 83.3 % 225.36 (73.1 %) 0.18
Q3 2007 284.90 3.6 % 491.23 8.2 % (20.00) (100.0 %) 336.33 3.1 % 0.27
Q4 2007 238.11 (15.8 %) 371.12 (12.6 %) (56.70) (243.6 %) (45.64) (115.1 %) (0.04)
Q1 2008 255.17 (10.2 %) 482.69 13.4 % (15.00) 0.0 % 258.17 (15.7 %) 0.21
Q2 2008 350.10 40.8 % 613.37 76.5 % (5.00) 0.0 % 279.98 24.2 % 0.22
Q3 2008 221.60 (22.2 %) 415.22 (15.5 %) (5.00) 75.0 % 65.80 (80.4 %) 0.05
Q4 2008 199.57 (16.2 %) 426.82 15.0 % (5.00) 91.2 % (90.72) (98.8 %) (0.07)
Q1 2009 241.14 (5.5 %) 317.53 (34.2 %) (5.00) 66.7 % 240.59 (6.8 %) 0.19
Q2 2009 262.76 (24.9 %) 361.28 (41.1 %) (55.00) (1,000.0 %) 187.83 (32.9 %) 0.15
Q3 2009 239.81 8.2 % 370.32 (10.8 %) (60.00) (1,100.0 %) 202.76 208.2 % 0.16
Q4 2009 270.72 35.6 % 468.02 9.7 % (394.57) (7,791.3 %) (109.55) (20.8 %) (0.09)
Q1 2010 312.19 29.5 % 451.13 42.1 % (293.00) (5,760.0 %) 20.88 (91.3 %) 0.02
Q2 2010 328.20 24.9 % 448.57 24.2 % (245.00) (345.5 %) 21.76 (88.4 %) 0.02
Q3 2010 350.50 46.2 % 437.42 18.1 % (150.00) (150.0 %) 148.90 (26.6 %) 0.12
Q4 2010 324.07 19.7 % 412.13 (11.9 %) (50.00) 87.3 % 237.80 317.1 % 0.19
Q1 2011 316.22 1.3 % 414.44 (8.1 %) (50.00) 82.9 % 207.95 896.1 % 0.17
Q2 2011 322.45 (1.8 %) 424.81 (5.3 %) (58.00) 76.3 % 208.22 856.8 % 0.17
Q3 2011 300.73 (14.2 %) 394.87 (9.7 %) (115.00) 23.3 % 144.02 (3.3 %) 0.12
Q4 2011 287.06 (11.4 %) 381.76 (7.4 %) (65.00) (30.0 %) 147.42 (38.0 %) 0.12
Q1 2012 290.66 (8.1 %) 458.62 10.7 % (115.00) (130.0 %) 212.24 2.1 % 0.17
Q2 2012 306.47 (5.0 %) 419.40 (1.3 %) (70.00) (20.7 %) 222.39 6.8 % 0.18
Q3 2012 320.57 6.6 % 407.20 3.1 % (45.00) 60.9 % 231.80 61.0 % 0.19
Q4 2012 324.24 13.0 % 436.39 14.3 % (25.00) 61.5 % 245.62 66.6 % 0.20
Q1 2013 339.61 16.8 % 505.38 10.2 % (30.00) 73.9 % 314.27 48.1 % 0.25
Q2 2013 343.41 12.1 % 518.68 23.7 % (30.00) 57.1 % 320.40 44.1 % 0.26
Q3 2013 346.63 8.1 % 501.41 23.1 % (30.00) 33.3 % 325.39 40.4 % 0.26
Q4 2013 335.34 3.4 % 491.19 12.6 % (15.00) 40.0 % 326.77 33.0 % 0.26
Q1 2014 354.68 4.4 % 533.35 5.5 % (141.00) (370.0 %) 337.47 7.4 % 0.27

Profitability

Period Return On Average Assets Return on Average Equity Net Interest Income/Total Operating Income
Q1 2005 2.40 % 19.60 % 55.96 %
Q2 2005 2.79 % 20.94 % 56.10 %
Q3 2005 2.99 % 22.66 % 54.92 %
Q4 2005 3.12 % 24.14 % 51.83 %
Q1 2006 3.76 % 28.99 % 44.57 %
Q2 2006 5.33 % 38.47 % 35.53 %
Q3 2006 5.35 % 36.97 % 37.27 %
Q4 2006 4.99 % 35.48 % 40.31 %
Q1 2007 4.34 % 29.73 % 47.14 %
Q2 2007 2.91 % 19.16 % 66.04 %
Q3 2007 2.80 % 18.69 % 65.17 %
Q4 2007 1.88 % 12.88 % 64.57 %
Q1 2008 1.80 % 11.83 % 60.67 %
Q2 2008 1.79 % 12.22 % 57.61 %
Q3 2008 1.12 % 8.24 % 56.58 %
Q4 2008 1.03 % 7.69 % 52.96 %
Q1 2009 1.03 % 7.25 % 57.10 %
Q2 2009 0.79 % 5.67 % 60.83 %
Q3 2009 1.03 % 7.41 % 63.91 %
Q4 2009 1.01 % 7.47 % 66.86 %
Q1 2010 0.61 % 4.16 % 65.76 %
Q2 2010 0.27 % 1.85 % 66.22 %
Q3 2010 0.16 % 1.05 % 69.89 %
Q4 2010 0.84 % 5.54 % 75.17 %
Q1 2011 1.22 % 7.76 % 77.02 %
Q2 2011 1.61 % 10.05 % 77.76 %
Q3 2011 1.60 % 9.79 % 76.75 %
Q4 2011 1.37 % 8.49 % 75.90 %
Q1 2012 1.38 % 8.42 % 72.34 %
Q2 2012 1.40 % 8.47 % 71.61 %
Q3 2012 1.54 % 9.30 % 72.27 %
Q4 2012 1.64 % 10.17 % 72.14 %
Q1 2013 1.76 % 11.29 % 73.00 %
Q2 2013 1.85 % 12.22 % 71.10 %
Q3 2013 1.92 % 12.71 % 69.01 %
Q4 2013 1.84 % 13.11 % 67.69 %
Q1 2014 1.79 % 12.91 % 67.50 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
Q1 2005 32.40 37.5 % 23.99 45.8 % 15.18 30.6 %
Q2 2005 34.05 53.4 % 24.47 69.4 % 17.19 58.7 %
Q3 2005 36.21 40.2 % 24.80 38.6 % 19.15 65.9 %
Q4 2005 39.58 38.7 % 27.86 37.3 % 19.79 51.9 %
Q1 2006 41.78 29.0 % 29.33 22.3 % 19.75 30.1 %
Q2 2006 39.17 15.0 % 26.95 10.1 % 19.32 12.4 %
Q3 2006 38.32 5.8 % 25.89 4.4 % 20.18 5.4 %
Q4 2006 40.84 3.2 % 27.93 0.3 % 20.69 4.5 %
Q1 2007 39.89 (4.5 %) 27.60 (5.9 %) 17.82 (9.8 %)
Q2 2007 40.44 3.2 % 27.69 2.8 % 19.73 2.1 %
Q3 2007 45.13 17.8 % 30.54 17.9 % 21.75 7.8 %
Q4 2007 46.54 13.9 % 32.77 17.3 % 23.13 11.8 %
Q1 2008 46.12 15.6 % 33.08 19.8 % 24.56 37.9 %
Q2 2008 51.93 28.4 % 36.86 33.1 % 28.14 42.6 %
Q3 2008 54.50 20.8 % 43.05 41.0 % 29.87 37.4 %
Q4 2008 53.60 15.2 % 40.70 24.2 % 29.56 27.8 %
Q1 2009 50.28 9.0 % 38.04 15.0 % 30.11 22.6 %
Q2 2009 50.73 (2.3 %) 36.36 (1.4 %) 30.15 7.2 %
Q3 2009 50.57 (7.2 %) 38.42 (10.8 %) 30.53 2.2 %
Q4 2009 50.15 (6.4 %) 38.25 (6.0 %) 29.78 0.8 %
Q1 2010 49.49 (1.6 %) 36.51 (4.0 %) 30.65 1.8 %
Q2 2010 48.87 (3.7 %) 35.77 (1.6 %) 30.55 1.3 %
Q3 2010 49.32 (2.5 %) 35.60 (7.3 %) 31.21 2.2 %
Q4 2010 51.49 2.7 % 37.22 (2.7 %) 31.00 4.1 %
Q1 2011 51.22 3.5 % 37.97 4.0 % 30.78 0.4 %
Q2 2011 50.57 3.5 % 36.08 0.9 % 30.63 0.3 %
Q3 2011 50.62 2.6 % 36.65 2.9 % 30.47 (2.4 %)
Q4 2011 51.95 0.9 % 36.77 (1.2 %) 27.11 (12.5 %)
Q1 2012 52.19 1.9 % 36.94 (2.7 %) 27.98 (9.1 %)
Q2 2012 53.46 5.7 % 38.08 5.5 % 29.79 (2.7 %)
Q3 2012 55.05 8.7 % 38.84 6.0 % 31.79 4.3 %
Q4 2012 59.07 13.7 % 40.41 9.9 % 34.05 25.6 %
Q1 2013 63.13 21.0 % 44.04 19.2 % 36.99 32.2 %
Q2 2013 66.66 24.7 % 48.56 27.5 % 40.41 35.6 %
Q3 2013 70.81 28.6 % 51.85 33.5 % 42.73 34.4 %
Q4 2013 80.50 36.3 % 57.04 41.2 % 47.57 39.7 %
Q1 2014 82.86 31.3 % 62.14 41.1 % 52.24 41.2 %

Ratios

Period Customer Deposits Per Total Assets Loans and advances/Total assets Loans and advances/Customers Deposits
Q1 2005 74.03 % 46.85 % 63.29 %
Q2 2005 71.84 % 50.49 % 70.28 %
Q3 2005 68.47 % 52.88 % 77.23 %
Q4 2005 70.38 % 50.01 % 71.05 %
Q1 2006 70.20 % 47.28 % 67.34 %
Q2 2006 68.79 % 49.32 % 71.69 %
Q3 2006 67.57 % 52.66 % 77.94 %
Q4 2006 68.38 % 50.66 % 74.08 %
Q1 2007 69.20 % 44.67 % 64.55 %
Q2 2007 68.48 % 48.78 % 71.23 %
Q3 2007 67.67 % 48.19 % 71.21 %
Q4 2007 70.41 % 49.69 % 70.58 %
Q1 2008 71.72 % 53.26 % 74.26 %
Q2 2008 70.98 % 54.18 % 76.34 %
Q3 2008 78.98 % 54.82 % 69.40 %
Q4 2008 75.94 % 55.14 % 72.61 %
Q1 2009 75.65 % 59.88 % 79.15 %
Q2 2009 71.68 % 59.44 % 82.92 %
Q3 2009 75.96 % 60.36 % 79.46 %
Q4 2009 76.27 % 59.39 % 77.87 %
Q1 2010 73.77 % 61.94 % 83.96 %
Q2 2010 73.21 % 62.52 % 85.41 %
Q3 2010 72.18 % 63.29 % 87.68 %
Q4 2010 72.27 % 60.21 % 83.30 %
Q1 2011 74.14 % 60.09 % 81.06 %
Q2 2011 71.36 % 60.58 % 84.90 %
Q3 2011 72.39 % 60.19 % 83.14 %
Q4 2011 70.79 % 52.20 % 73.74 %
Q1 2012 70.79 % 53.61 % 75.74 %
Q2 2012 71.23 % 55.73 % 78.24 %
Q3 2012 70.55 % 57.74 % 81.85 %
Q4 2012 68.42 % 57.65 % 84.26 %
Q1 2013 69.76 % 58.59 % 83.99 %
Q2 2013 72.85 % 60.63 % 83.23 %
Q3 2013 73.22 % 60.33 % 82.40 %
Q4 2013 70.87 % 59.09 % 83.39 %
Q1 2014 75.00 % 63.04 % 84.06 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2005 1,250.00 0.54 0.54 - 3.19
Q2 2005 1,250.00 0.63 0.63 - 3.60
Q3 2005 1,250.00 0.74 0.74 - 3.94
Q4 2005 1,250.00 0.85 0.85 - 4.25
Q1 2006 1,250.00 1.11 1.11 - 4.50
Q2 2006 1,250.00 1.56 1.56 - 4.52
Q3 2006 1,250.00 1.59 1.59 - 4.68
Q4 2006 1,250.00 1.61 1.61 - 4.80
Q1 2007 1,250.00 1.42 1.42 - 5.04
Q2 2007 1,250.00 0.93 0.93 - 5.16
Q3 2007 1,250.00 0.94 0.94 - 5.33
Q4 2007 1,250.00 0.66 0.66 - 5.42
Q1 2008 1,250.00 0.62 0.62 - 5.43
Q2 2008 1,250.00 0.66 0.66 - 5.69
Q3 2008 1,250.00 0.45 0.45 - 5.51
Q4 2008 1,250.00 0.41 0.41 - 5.26
Q1 2009 1,250.00 0.40 0.40 - 5.51
Q2 2009 1,250.00 0.32 0.32 - 5.69
Q3 2009 1,250.00 0.43 0.43 - 6.16
Q4 2009 1,250.00 0.42 0.42 - 5.91
Q1 2010 1,250.00 0.24 0.24 - 6.10
Q2 2010 1,250.00 0.11 0.11 - 6.06
Q3 2010 1,250.00 0.07 0.07 - 6.29
Q4 2010 1,250.00 0.34 0.34 - 6.48
Q1 2011 1,250.00 0.49 0.49 - 6.62
Q2 2011 1,250.00 0.64 0.64 - 6.73
Q3 2011 1,250.00 0.64 0.64 - 6.75
Q4 2011 1,250.00 0.57 0.57 - 6.85
Q1 2012 1,250.00 0.57 0.57 - 6.92
Q2 2012 1,250.00 0.58 0.58 - 6.99
Q3 2012 1,250.00 0.65 0.65 - 7.26
Q4 2012 1,250.00 0.73 0.73 - 7.50
Q1 2013 1,250.00 0.81 0.81 - 7.46
Q2 2013 1,250.00 0.89 0.89 - 7.57
Q3 2013 1,250.00 0.96 0.96 - 7.91
Q4 2013 1,250.00 1.03 1.03 - 8.20
Q1 2014 1,250.00 1.05 0.87 - 8.78

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 28.12 28.12 4.74
Q2 2005 39.55 39.55 6.89
Q3 2005 36.67 36.67 6.90
Q4 2005 34.06 34.06 6.83
Q1 2006 22.21 22.21 5.51
Q2 2006 16.02 16.02 5.54
Q3 2006 14.76 14.76 5.03
Q4 2006 11.48 11.48 3.84
Q1 2007 9.90 9.90 2.79
Q2 2007 14.50 14.50 2.61
Q3 2007 14.38 14.38 2.52
Q4 2007 30.24 30.24 3.67
Q1 2008 21.05 21.05 2.40
Q2 2008 19.08 19.08 2.22
Q3 2008 23.79 23.79 1.93
Q4 2008 15.67 15.67 1.22
Q1 2009 16.40 16.40 1.18
Q2 2009 21.03 21.03 1.19
Q3 2009 16.87 16.87 1.18
Q4 2009 16.77 16.77 1.18
Q1 2010 30.47 30.47 1.21
Q2 2010 More than 50 More than 50 1.24
Q3 2010 More than 50 More than 50 1.39
Q4 2010 24.92 24.92 1.32
Q1 2011 19.49 19.49 1.45
Q2 2011 13.95 13.95 1.33
Q3 2011 12.69 12.69 1.20
Q4 2011 13.57 13.57 1.12
Q1 2012 17.54 17.54 1.44
Q2 2012 12.85 12.85 1.07
Q3 2012 11.69 11.69 1.05
Q4 2012 11.80 11.80 1.15
Q1 2013 10.43 10.43 1.13
Q2 2013 11.70 11.70 1.37
Q3 2013 11.69 11.69 1.42
Q4 2013 13.26 13.26 1.66
Q1 2014 13.94 16.81 1.66

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Brokerage and Asset Management
Q1 2005 196.62 66.58 39.69 -
Q2 2005 251.83 81.07 54.00 -
Q3 2005 279.52 70.13 43.32 -
Q4 2005 177.04 109.22 146.99 -
Q1 2006 331.62 90.44 247.61 -
Q2 2006 346.59 80.73 580.47 -
Q3 2006 258.23 108.58 87.12 -
Q4 2006 229.70 119.22 75.95 -
Q1 2007 199.02 131.20 95.27 -
Q2 2007 137.20 128.35 81.94 -
Q3 2007 155.34 153.96 181.94 -
Q4 2007 (38.70) 150.63 (9.19) 268.39
Q1 2008 104.75 159.31 134.13 84.51
Q2 2008 121.48 167.53 249.46 74.90
Q3 2008 168.38 176.10 17.67 53.07
Q4 2008 106.98 160.43 122.74 36.68
Q1 2009 129.79 127.26 35.02 25.47
Q2 2009 166.44 134.60 25.55 34.70
Q3 2009 128.61 134.84 83.13 23.75
Q4 2009 175.19 272.80 (10.82) 30.86
Q1 2010 159.67 135.51 129.97 25.99
Q2 2010 175.65 152.45 92.40 28.07
Q3 2010 215.74 125.99 74.48 21.21
Q4 2010 147.93 242.09 (1.36) 23.47
Q1 2011 153.32 152.78 84.60 23.74
Q2 2011 167.24 155.90 78.31 23.36
Q3 2011 165.01 153.49 58.08 18.29
Q4 2011 160.50 141.49 57.43 22.34
Q1 2012 163.47 187.96 79.05 28.15
Q2 2012 170.50 153.23 72.13 23.54
Q3 2012 182.17 122.01 84.83 18.19
Q4 2012 171.57 157.40 88.43 18.99
Q1 2013 174.07 154.75 143.85 32.71
Q2 2013 154.10 171.26 169.87 23.44
Q3 2013 188.69 117.81 173.46 21.46
Q4 2013 161.33 161.54 146.73 21.60
Q1 2014 186.89 196.13 342.87 31.42


Financial Ratios
Current
Market Cap (M Riyal) 16,175.00
Shares Outstanding ((M)) 1,250.00
EPS ( Riyal) (TTM) 1.44
EPS Diluted ( Riyal) (TTM) 1.46
Book Value (BV) ( Riyal) 11.65
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 9.01
P/E (TTM) 9.01
Price/book 1.11
Return on Average Assets (%) (TTM) 1.4
Return on Average Equity (%) (TTM) 12.5
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