ANB net profit slumps 28% to SAR 1.798 bln in 9M 2020

08/11/2020 Argaam Exclusive

Arab National Bank’s (ANB) net profit fell 28% year-on-year (YoY) to SAR 1.798 billion for the first nine months of 2020, driven by a 13.3% decline in total operating income on lower net special income. Also, total operating expenses increased by 4.9% for the same period.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Net Special Commission Income 4,212.74 3,700.45 (12.2 %)
Operating Income 5,103.81 4,423.17 (13.3 %)
Total Provisions (545.93) (747.46) (36.9 %)
Net Income 2,507.98 1,798.34 (28.3 %)
Average Shares 2,000.00 2,000.00 -
EPS (Riyals) 1.25 0.90 (28.3 %)
EPS Diluted (Riyals) 1.25 0.90 (28.3 %)

The third-quarter net profit dropped 20% YoY to SAR 668.6 million, due to 15.7% lower total operating income.

 

The bank also cited lower net special commission income, decreased net exchange income and lower unrealised gains on FVTPL financial instruments.

 

On a sequential basis, Q3 2020 net profit jumped 37.6%.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Net Special Commission Income 1,410.44 1,210.64 (14.2 %)
Operating Income 1,736.71 1,463.83 (15.7 %)
Debt Provisions (210.36) (203.68) 3.2 %
Net Income 834.76 668.60 (19.9 %)
Average Shares 2,000.00 2,000.00 -
EPS (Riyals) 0.42 0.33 (19.9 %)
EPS Diluted (Riyal) 0.42 0.33 (19.9 %)

Balance Sheet (B)

Item 9m 2019 9m 2020 Change‬
Assets 170.93 188.53 10.3 %
Customer Deposits 130.92 136.72 4.4 %
Loan 117.88 118.06 0.2 %

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Share Price

Arab National Bank
20.00
(0.10) (0.50 %)

Arab National Bank (ANB)

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Financial Ratios
Current
Market Cap (M Riyal) 40,000.00
Shares Outstanding ((M)) 2,000.00
EPS ( Riyal) (TTM) 2.33
EPS Diluted ( Riyal) (TTM) 2.33
Book Value (BV) ( Riyal) 18.19
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 8.13
P/E (TTM) 8.60
Price/book 1.10
Return on Average Assets (%) (TTM) 2.0
Return on Average Equity (%) (TTM) 13.3
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