ANB’s net profit slips 4% to SAR 1.72 bln in 9M 2021

25/10/2021 Argaam Exclusive

Arab National Bank (ANB) reported a net profit of SAR 1.72 billion for the first nine months of 2021, down 4% from SAR 1.798 billion a year earlier.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Net Special Commission Income 3,700.45 3,562.08 (3.7 %)
Operating Income 4,423.17 4,258.02 (3.7 %)
Total Provisions (747.46) (816.23) (9.2 %)
Net Income 1,798.34 1,720.25 (4.3 %)
Average Shares 2,000.00 2,000.00 -
EPS (Riyals) 0.90 0.86 (4.3 %)
EPS Diluted (Riyals) 0.90 0.86 (4.3 %)

The decline was attributed to a decrease in net special commission income and an increase in impairment charges for expected credit losses and for other financial assets. It was offset by an increase in realized and unrealized gains on investments and earnings from associates.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Net Special Commission Income 1,210.64 1,252.35 3.4 %
Operating Income 1,463.83 1,453.66 (0.7 %)
Debt Provisions (203.68) (190.54) 6.5 %
Net Income 668.60 665.35 (0.5 %)
Average Shares 2,000.00 2,000.00 -
EPS (Riyals) 0.33 0.33 (0.5 %)
EPS Diluted (Riyal) 0.33 0.33 (0.5 %)

The Q3 2021 net profit slipped 1% year-on-year (YoY) to SAR 665 million, due to increases in salaries and employee-related expenses, along with higher general and administrative expenses.

 

On a sequential basis, Q3 net profit jumped 40.7% from SAR 472.76 million.

 

Shareholders’ equity, after minority interest, increased to SAR 30.744 billion as of Sept. 30, 2021, from SAR 29.339 billion a year earlier.

Balance Sheet (B)

Item 9m 2020 9m 2021 Change‬
Assets 188.53 182.27 (3.3 %)
Customer Deposits 136.72 129.39 (5.4 %)
Loan 118.06 120.02 1.7 %

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Share Price

Arab National Bank
19.50
(0.10) (0.51 %)

Arab National Bank (ANB)

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Financial Ratios
Current
Market Cap (M Riyal) 39,000.00
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) 7.92
P/E (TTM) 8.39
Price/book 1.07
Return on Average Assets (%) (TTM) 2.0
Return on Average Equity (%) (TTM) 13.3
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