SABB turns to profit of SAR 2.778 bln in 9M 2021

28/10/2021 Argaam Exclusive

Saudi British Bank (SABB) swung to a net profit of SAR 2.778 billion in the first nine months of 2021 compared to a net loss SAR 4.837 billion in the year-earlier period.

 

The earnings were primarily driven by lower provision for expected credit losses and total operating expenses, along with a rise in the profit of associates.

 

Total operating expenses fell on lower salaries and employee-related costs, as well as general and administrative expenses. The bank also recorded a decline in depreciation and amortization expenses, thanks to its continued success in cost reduction efficiency.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Net Special Commission Income 5,375.28 4,300.78 (20.0 %)
Operating Income 6,828.35 5,872.85 (14.0 %)
Total Provisions (1598.95) (40.24) 97.5 %
Net Income (4837.27) 2,777.51 157.4 %
Average Shares 2,054.80 2,054.80 -
EPS (Riyals) (2.35) 1.35 157.4 %
EPS Diluted (Riyals) (2.35) 1.35 157.4 %

On the other hand, total operating income decreased on a 20% year-on-year (YoY) drop in net commission income.

 

SABB reported a net profit of SAR 885 million for Q3 2021, a drop of 16% from SAR 1.049 billion a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Net Special Commission Income 1,657.57 1,406.69 (15.1 %)
Operating Income 2,141.36 1,935.43 (9.6 %)
Debt Provisions (51.10) (13.00) 74.6 %
Net Income 1,049.99 885.30 (15.7 %)
Average Shares 2,054.80 2,054.80 -
EPS (Riyals) 0.51 0.43 (15.7 %)
EPS Diluted (Riyal) 0.51 0.43 (15.7 %)

On a sequential basis, the third-quarter net profit declined 8.3% from SAR 1.132 billion in the previous quarter.

 

Total shareholders’ equity, excluding minority interests, stood at SAR 52.499 billion as of Sept. 30, 2021, growing by 5.67% from SAR 49.680 billion a year earlier.

Balance Sheet (B)

Item 9m 2020 9m 2021 Change‬
Assets 263.96 269.55 2.1 %
Customer Deposits 180.20 180.25 0.0 %
Loan 151.89 163.50 7.6 %

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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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