SABB net profit falls slightly to SAR 970 mln in Q1 2021

29/04/2021 Argaam Exclusive

Saudi British Bank (SABB) reported a marginal decline in net profit to SAR 970 million for Q1 2021, compared to SAR 971 million in the year-earlier period.

 

The slight fall in profit resulted from a decrease in total operating income mainly driven by lower net special commission income. However, it was partially offset by a lower provision for expected credit losses, total operating expenses and a higher share of earnings of associates.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Net Special Commission Income 1,902.58 1,426.82 (25.0 %)
Operating Income 2,368.89 2,021.53 (14.7 %)
Debt Provisions (239.07) (1.67) 99.3 %
Net Income 975.59 973.71 (0.2 %)
Average Shares 2,054.80 2,054.80 -
EPS (Riyals) 0.47 0.47 (0.2 %)
EPS Diluted (Riyal) 0.47 0.47 0.0 %

When compared to Q4 2020, net profit surged 42% on the back of lower total operating expenses and a decline in provision for expected credit losses.

 

Shareholders’ equity, excluding minority interest, fell by 6.5% to SAR 51.93 billion by the end of Q1 2021, compared to SAR 55.55 billion in the year-ago period. 

Balance Sheet (B)

Item 3m 2020 3m 2021 Change‬
Assets 265.69 271.56 2.2 %
Customer Deposits 188.28 183.69 (2.4 %)
Loan 155.18 156.71 1.0 %

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Share Price

Saudi Awwal Bank
31.50
(0.20) (0.63 %)

Saudi Awwal Bank (SAB)

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Financial Ratios
Current
Market Cap (M Riyal) 64,726.20
Shares Outstanding ((M)) 2,054.80
EPS ( Riyal) (TTM) 3.80
EPS Diluted ( Riyal) (TTM) 3.68
Book Value (BV) ( Riyal) 29.29
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 8.30
P/E (TTM) 8.30
Price/book 1.08
Return on Average Assets (%) (TTM) 2.1
Return on Average Equity (%) (TTM) 13.5
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