NCB reports higher net profit at SAR 2605 m (+3%) in Q1-2015

14/04/2015 Argaam Exclusive

 

National commercial bank (NCB), the largest Saudi bank in terms of assets, reported SAR 2605m net profit in the first quarter of 2015, an increase of 3% compared to the same period last year, as shown in the following table:

 

The bank attributed the increase in net profit compared to Q1 2014 to the increase of operating income.



Current Quarter Comparison (M)

Compared With The
Item Q1 2014 Q1 2015 Change‬
Net Special Commission Income 2,708.28 3,033.56 12.0 %
Operating Income 3,864.29 4,447.54 15.1 %
Debt Provisions (205.65) (218.33) (6.2 %)
Net Income 2,535.31 2,605.57 2.8 %
Average Shares 4,019.65 4,019.65 -
EPS (Riyals) 0.63 0.65 2.8 %

Balance Sheet (B)

Item 3m 2014 3m 2015 Change‬
Assets 420.37 449.80 7.0 %
Customer Deposits 333.07 342.85 2.9 %
Loan 197.39 227.13 15.1 %

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Share Price

The Saudi National Bank
32.75
(0.25) (0.76 %)

The Saudi National Bank (SNB)

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Financial Ratios
Current
Market Cap (M Riyal) 196,500.00
Shares Outstanding ((M)) 6,000.00
EPS ( Riyal) (TTM) 3.43
EPS Diluted ( Riyal) (TTM) 3.34
Book Value (BV) ( Riyal) 27.98
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 9.54
P/E (TTM) 9.54
Price/book 1.17
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 12.8
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Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Debt Provisions Change
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 2,065.71 - 3,165.57 - (671.02) -
Q2 2009 1,918.50 - 2,817.90 - (425.12) -
Q3 2009 1,958.39 - 2,932.33 - (769.68) -
Q4 2009 2,103.06 - 2,562.85 - (607.91) -
Q1 2010 2,143.79 3.8 % 3,099.05 (2.1 %) (552.03) 17.7 %
Q2 2010 1,990.25 3.7 % 3,011.06 6.9 % (612.95) (44.2 %)
Q3 2010 1,978.17 1.0 % 2,826.25 (3.6 %) (587.79) 23.6 %
Q4 2010 2,037.60 (3.1 %) 2,730.89 6.6 % (78.79) 87.0 %
Q1 2011 2,072.45 (3.3 %) 3,059.38 (1.3 %) (296.60) 46.3 %
Q2 2011 2,116.00 6.3 % 3,075.09 2.1 % (407.97) 33.4 %
Q3 2011 2,173.22 9.9 % 3,059.64 8.3 % (212.25) 63.9 %
Q4 2011 2,219.76 8.9 % 2,939.51 7.6 % (116.50) (47.9 %)
Q1 2012 2,303.73 11.2 % 3,703.85 21.1 % (395.58) (33.4 %)
Q2 2012 2,176.14 2.8 % 3,380.72 9.9 % (351.03) 14.0 %
Q3 2012 2,332.29 7.3 % 3,271.63 6.9 % (424.82) (100.2 %)
Q4 2012 2,147.42 (3.3 %) 3,152.71 7.3 % (264.59) (127.1 %)
Q1 2013 2,533.05 10.0 % 4,065.77 9.8 % (259.83) 34.3 %
Q2 2013 2,546.09 17.0 % 3,699.88 9.4 % (156.08) 55.5 %
Q3 2013 2,373.59 1.8 % 3,423.34 4.6 % (199.61) 53.0 %
Q4 2013 2,643.48 23.1 % 3,668.53 16.4 % (179.83) 32.0 %
Q1 2014 2,708.28 6.9 % 3,864.29 (5.0 %) (205.65) 20.9 %
Q2 2014 2,842.93 11.7 % 4,214.98 13.9 % 91.77 158.8 %
Q3 2014 2,790.58 17.6 % 4,114.35 20.2 % (400.86) (100.8 %)
Q4 2014 3,062.34 15.8 % 4,053.41 10.5 % (480.72) (167.3 %)
Q1 2015 3,033.56 12.0 % 4,447.54 15.1 % (218.33) (6.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 1,045.61 - 0.26 - 1,045.61 0.26
Q2 2009 1,191.61 - 0.30 - 1,191.61 0.30
Q3 2009 1,034.21 - 0.26 - 1,034.21 0.26
Q4 2009 768.83 - 0.19 - 768.83 0.19
Q1 2010 1,413.06 35.1 % 0.35 - 1,413.06 0.35
Q2 2010 1,226.70 2.9 % 0.31 - 1,226.70 0.31
Q3 2010 828.38 (19.9 %) 0.21 - 828.38 0.21
Q4 2010 1,255.70 63.3 % 0.31 - 1,255.70 0.31
Q1 2011 1,502.98 6.4 % 0.37 - 1,502.98 0.37
Q2 2011 1,424.32 16.1 % 0.35 - 1,424.32 0.35
Q3 2011 1,545.87 86.6 % 0.38 - 1,545.87 0.38
Q4 2011 1,538.58 22.5 % 0.38 - 1,538.58 0.38
Q1 2012 1,953.74 30.0 % 0.49 - 1,953.74 0.49
Q2 2012 1,608.14 12.9 % 0.40 - 1,608.14 0.40
Q3 2012 1,480.49 (4.2 %) 0.37 - 1,480.49 0.37
Q4 2012 1,410.44 (8.3 %) 0.35 - 1,410.44 0.35
Q1 2013 2,331.96 19.4 % 0.58 - 2,331.96 0.58
Q2 2013 1,992.11 23.9 % 0.50 - 1,992.11 0.50
Q3 2013 1,733.21 17.1 % 0.43 - 1,733.21 0.43
Q4 2013 1,794.93 27.3 % 0.45 - 1,794.93 0.45
Q1 2014 2,535.31 8.7 % 0.63 - 2,535.31 0.63
Q2 2014 2,425.41 21.8 % 0.60 - 2,425.41 0.60
Q3 2014 1,869.11 7.8 % 0.46 - 1,869.11 0.46
Q4 2014 1,825.33 1.7 % 0.45 - 1,825.33 0.45
Q1 2015 2,605.57 2.8 % 0.65 - 2,605.57 0.65

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 250.69 - 204.04 - 101.93 -
Q2 2009 256.90 - 206.86 - 105.81 -
Q3 2009 253.06 - 198.39 - 116.51 -
Q4 2009 257.45 - 202.58 - 112.16 -
Q1 2010 264.82 5.6 % 201.26 (1.4 %) 113.79 11.6 %
Q2 2010 263.27 2.5 % 204.81 (1.0 %) 116.96 10.5 %
Q3 2010 271.23 7.2 % 215.08 8.4 % 122.55 5.2 %
Q4 2010 282.37 9.7 % 229.16 13.1 % 125.60 12.0 %
Q1 2011 298.88 12.9 % 239.34 18.9 % 124.81 9.7 %
Q2 2011 313.78 19.2 % 250.66 22.4 % 130.18 11.3 %
Q3 2011 306.98 13.2 % 242.99 13.0 % 129.82 5.9 %
Q4 2011 301.20 6.7 % 239.46 4.5 % 135.29 7.7 %
Q1 2012 313.64 4.9 % 247.92 3.6 % 142.34 14.0 %
Q2 2012 320.42 2.1 % 250.27 (0.2 %) 150.27 15.4 %
Q3 2012 320.80 4.5 % 251.33 3.4 % 157.21 21.1 %
Q4 2012 345.26 14.6 % 273.53 14.2 % 163.46 20.8 %
Q1 2013 358.02 14.1 % 276.68 11.6 % 170.63 19.9 %
Q2 2013 362.80 13.2 % 288.05 15.1 % 178.21 18.6 %
Q3 2013 367.09 14.4 % 294.78 17.3 % 184.40 17.3 %
Q4 2013 377.29 9.3 % 300.60 9.9 % 187.69 14.8 %
Q1 2014 420.37 17.4 % 333.07 20.4 % 197.39 15.7 %
Q2 2014 435.53 20.0 % 345.60 20.0 % 206.19 15.7 %
Q3 2014 437.91 19.3 % 343.94 16.7 % 213.53 15.8 %
Q4 2014 434.88 15.3 % 333.10 10.8 % 220.72 17.6 %
Q1 2015 449.80 7.0 % 342.85 2.9 % 227.13 15.1 %

Profitability

Period Return On Average Assets Return on Average Equity Net Interest Income/Total Operating Income
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - 70.09 %
Q1 2010 1.71 % 16.23 % 71.19 %
Q2 2010 1.71 % 15.85 % 70.62 %
Q3 2010 1.62 % 14.22 % 71.44 %
Q4 2010 1.75 % 15.60 % 69.85 %
Q1 2011 1.71 % 15.64 % 69.48 %
Q2 2011 1.74 % 16.46 % 70.17 %
Q3 2011 1.98 % 17.87 % 70.43 %
Q4 2011 2.06 % 18.37 % 70.72 %
Q1 2012 2.11 % 19.02 % 68.97 %
Q2 2012 2.10 % 19.84 % 67.82 %
Q3 2012 2.10 % 18.80 % 67.93 %
Q4 2012 2.00 % 17.96 % 66.32 %
Q1 2013 2.03 % 18.53 % 66.25 %
Q2 2013 2.11 % 19.21 % 67.36 %
Q3 2013 2.17 % 19.39 % 66.94 %
Q4 2013 2.17 % 19.97 % 67.95 %
Q1 2014 2.07 % 19.96 % 70.08 %
Q2 2014 2.13 % 20.09 % 69.66 %
Q3 2014 2.14 % 20.33 % 69.25 %
Q4 2014 2.13 % 20.09 % 70.19 %
Q1 2015 2.01 % 19.45 % 69.69 %

Ratios

Period Customer Deposits Per Total Assets Loans and advances/Total assets Loans and advances/Customers Deposits
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 81.39 % 40.66 % 49.95 %
Q2 2009 80.52 % 41.19 % 51.15 %
Q3 2009 78.40 % 46.04 % 58.73 %
Q4 2009 78.69 % 43.56 % 55.36 %
Q1 2010 76.00 % 42.97 % 56.54 %
Q2 2010 77.79 % 44.42 % 57.11 %
Q3 2010 79.30 % 45.18 % 56.98 %
Q4 2010 81.16 % 44.48 % 54.81 %
Q1 2011 80.08 % 41.76 % 52.15 %
Q2 2011 79.88 % 41.49 % 51.94 %
Q3 2011 79.16 % 42.29 % 53.43 %
Q4 2011 79.50 % 44.92 % 56.50 %
Q1 2012 79.05 % 45.38 % 57.41 %
Q2 2012 78.11 % 46.90 % 60.04 %
Q3 2012 78.34 % 49.01 % 62.55 %
Q4 2012 79.22 % 47.34 % 59.76 %
Q1 2013 77.28 % 47.66 % 61.67 %
Q2 2013 79.40 % 49.12 % 61.87 %
Q3 2013 80.30 % 50.23 % 62.56 %
Q4 2013 79.67 % 49.75 % 62.44 %
Q1 2014 79.23 % 46.96 % 59.26 %
Q2 2014 79.35 % 47.34 % 59.66 %
Q3 2014 78.54 % 48.76 % 62.08 %
Q4 2014 76.60 % 50.75 % 66.26 %
Q1 2015 76.22 % 50.49 % 66.25 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2006 - - - - -
Q2 2006 - - - - -
Q3 2006 - - - - -
Q4 2006 - - - - -
Q1 2007 - - - - -
Q2 2007 - - - - -
Q3 2007 - - - - -
Q4 2007 - - - - -
Q1 2008 - - - - -
Q2 2008 - - - - -
Q3 2008 - - - - -
Q4 2008 - - - - -
Q1 2009 4,019.65 - - - 6.34
Q2 2009 4,019.65 - - - 6.70
Q3 2009 4,019.65 - - - 7.15
Q4 2009 4,019.65 1.01 1.01 - 7.28
Q1 2010 4,019.65 1.10 1.10 - 7.17
Q2 2010 4,019.65 1.11 1.11 - 7.24
Q3 2010 4,019.65 1.05 1.05 - 7.68
Q4 2010 4,019.65 1.18 1.18 - 7.78
Q1 2011 4,019.65 1.20 1.20 - 8.14
Q2 2011 4,019.65 1.25 1.25 - 7.91
Q3 2011 4,019.65 1.43 1.43 - 8.27
Q4 2011 4,019.65 1.50 1.50 - 8.50
Q1 2012 4,019.65 1.61 1.61 - 8.76
Q2 2012 4,019.65 1.65 1.65 - 8.76
Q3 2012 4,019.65 1.64 1.64 - 9.15
Q4 2012 4,019.65 1.61 1.61 - 9.38
Q1 2013 4,019.65 1.70 1.70 - 9.58
Q2 2013 4,019.65 1.79 1.79 - 9.93
Q3 2013 4,019.65 1.86 1.86 - 10.01
Q4 2013 4,019.65 1.95 1.95 - 10.18
Q1 2014 4,019.65 2.00 2.00 - 10.51
Q2 2014 4,019.65 2.11 2.11 - 11.10
Q3 2014 4,019.65 2.15 2.15 - 11.10
Q4 2014 4,019.65 2.15 2.15 - 11.25
Q1 2015 4,019.65 2.17 2.17 - 11.81

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 18.97 18.97 3.63
Q1 2015 20.89 20.89 3.84

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking International Banking Capital Market Global markets and Treasury
Q1 2009 1,615.37 550.46 424.51 165.79 409.43
Q2 2009 1,614.72 507.68 428.19 169.08 98.23
Q3 2009 1,578.05 600.10 466.79 140.28 147.11
Q4 2009 1,472.98 567.04 460.23 146.60 (84.00)
Q1 2010 1,429.43 550.42 450.65 112.37 556.18
Q2 2010 1,354.72 516.49 437.95 150.77 551.14
Q3 2010 1,250.06 580.16 378.72 153.97 463.35
Q4 2010 1,181.16 524.00 444.44 127.34 453.94
Q1 2011 1,224.26 512.03 429.46 146.97 746.66
Q2 2011 1,211.32 507.83 467.96 147.43 740.55
Q3 2011 1,158.03 458.35 454.10 148.33 840.83
Q4 2011 1,162.53 531.82 493.19 78.14 673.83
Q1 2012 1,370.73 589.23 572.91 244.35 926.63
Q2 2012 1,324.88 486.68 527.86 201.57 839.73
Q3 2012 1,198.40 749.16 434.30 167.08 722.69
Q4 2012 1,197.65 490.57 565.60 155.74 743.17
Q1 2013 1,418.17 775.64 565.85 160.86 1,145.26
Q2 2013 1,276.19 933.13 551.32 167.65 771.59
Q3 2013 1,220.48 805.71 517.35 143.22 736.59
Q4 2013 1,387.79 920.72 503.54 132.59 723.88
Q1 2014 1,394.07 901.15 501.88 174.43 892.75
Q2 2014 1,444.40 926.59 527.50 219.17 1,097.32
Q3 2014 1,455.20 868.24 595.35 171.82 1,023.74
Q4 2014 1,427.35 1,032.33 628.39 188.93 776.42
Q1 2015 1,448.95 1,041.10 566.42 166.74 1,224.33

Analysts Estimates (Million)

Item Q1 2015 (e) Q1 2015 (a) Change‬
Average 2,522.65 2,605.57 3.29 %

Estimates vs Actual (Million)

Item Q1 2015 (e) Q1 2015 (a) Change
Alistithmar Capital 2,547.90 2,605.57 2.3 %
OSOOL AND BAKHEET 2,497.40 2,605.57 4.3 %

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