SAIB’s net profit drops 58.5% in FY2019

24/02/2020 Argaam Exclusive

The Saudi Investment Bank’s (SAIB) net profit declined by 58.5% year-on-year (YoY) to SAR 239 million for fiscal year (FY) 2019, as compared to SAR 576 million in FY2018.



Financials (M)

Item 2018 2019 Change‬
Net Special Commission Income 2,287.72 2,277.89 (0.4 %)
Operating Income 2,712.73 2,818.23 3.9 %
Total Provisions (246.97) (1342.64) (443.6 %)
Net Income 575.90 239.46 (58.4 %)
Average Shares 1,250.00 1,250.00 -
EPS (Riyals) 0.46 0.19 (58.4 %)

The decline was attributed to an increase in total operating expenses and higher operating income, the bank said in a bourse filing.

 

In Q4 2018, the bank entered into a settlement agreement with the GAZT for Zakat claims for periods up to and including 2017. The amount of the settlement was SAR 775.5 million for 2006 to 2017 and SAR 38.9 million for 2005.

 

The restated 2018 statement of income includes the discounted impact of this settlement of SAR 750.5 million.

 

The fourth-quarter net loss decreased 84.6% YoY to SAR 69.64 million



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Net Special Commission Income 553.66 570.69 3.1 %
Operating Income 654.73 713.59 9.0 %
Debt Provisions (3.79) (448.28) (11,724.7 %)
Net Income (452.62) (69.18) 84.7 %
Average Shares 1,250.00 1,250.00 -
EPS (Riyals) (0.36) (0.06) 84.7 %

Balance Sheet (B)

Item 2018 2019 Change‬
Assets 96.07 100.81 4.9 %
Customer Deposits 63.69 69.06 8.4 %
Loan 59.41 57.11 (3.9 %)

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Share Price

Saudi Investment Bank
14.34
0.08 0.56 %

Saudi Investment Bank (SAIB)

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Financial Ratios
Current
Market Cap (M Riyal) 17,925.00
Shares Outstanding ((M)) 1,250.00
EPS ( Riyal) (TTM) 1.52
EPS Diluted ( Riyal) (TTM) 1.39
Book Value (BV) ( Riyal) 12.27
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 9.46
P/E (TTM) 9.46
Price/book 1.17
Return on Average Assets (%) (TTM) 1.3
Return on Average Equity (%) (TTM) 13.0
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