ANB 2022 net profit jumps 41% to SAR 3.07 bln; Q4 at SAR 790.9 mln

14/02/2023 Argaam Exclusive

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Arab National Bank (ANB) reported a rise of 41% in 2022 net profit to SAR 3.07 billion, compared to SAR 2.17 billion in 2021.



Financials (M)

Item 2021 2022 Change‬
Net Special Commission Income 4,672.03 5,636.45 20.6 %
Operating Income 5,591.94 6,862.24 22.7 %
Total Provisions (1030.51) (869.50) 15.6 %
Net Income 2,176.59 3,070.41 41.1 %
Average Shares 2,000.00 2,000.00 -
Earnings Per Share before unusual items (Riyals) 1.00 1.52 51.4 %
EPS (Riyals) 1.09 1.54 41.1 %
EPS Diluted (Riyals) 1.09 1.54 41.1 %

The profit growth was driven by higher income from net special commission, net exchange, dividend, and, net fees and commission. In addition, the bank also noted an increase in net other operating income and net trading income, along with a decline in net impairment charge for expected credit losses.

 

This was offset by an increase in other general and administrative expenses, salaries and employee related expenses, and, depreciation and amortization, as well as rent and premises related expenses. ANB also recorded a drop in net gains from the sale of investments in non-trading instruments and net gains on financial instruments held at fair value through statement of income (FVSI).



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Net Special Commission Income 1,109.95 1,645.35 48.2 %
Operating Income 1,333.91 1,918.74 43.8 %
Debt Provisions (214.28) (262.14) (22.3 %)
Net Income 456.35 790.88 73.3 %
Average Shares 2,000.00 2,000.00 -
Earnings Per Share before unusual items (Riyals) 0.22 0.40 78.7 %
EPS (Riyals) 0.23 0.40 73.3 %
EPS Diluted (Riyal) 0.23 0.40 73.3 %

In Q4 2022, net profit jumped 73% to SAR 790.9 million from SAR 456.35 million a year earlier. 

  

ANB’s net profit saw a 14.1% drop from SAR 921.11 million in Q3 2022. 

 

Total shareholders’ equity, after minority interest, stood at SAR 32.33 billion as of Dec. 31, 2022, up from SAR 31.10 billion a year earlier.

Balance Sheet (B)

Item 2021 2022 Change‬
Assets 192.50 212.63 10.5 %
Customer Deposits 135.71 154.87 14.1 %
Loan 126.67 143.83 13.5 %

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Share Price

Arab National Bank
22.40
0.26 1.17 %

Arab National Bank (ANB)

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Financial Ratios
Current
Market Cap (M Riyal) 44,800.00
Shares Outstanding ((M)) 2,000.00
EPS ( Riyal) (TTM) 2.48
EPS Diluted ( Riyal) (TTM) 2.48
Book Value (BV) ( Riyal) 19.06
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 8.81
P/E (TTM) 9.02
Price/book 1.18
Return on Average Assets (%) (TTM) 2.1
Return on Average Equity (%) (TTM) 13.4
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