Samba Financial Group posted a 7.3% rise in net profit to SAR 3.460 billion for the first nine months of 2020, compared to SAR 3.226 billion in the corresponding period last year.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Net Special Commission Income | 4,817.25 | 4,330.58 | (10.1 %) |
| Operating Income | 6,561.80 | 7,246.69 | 10.4 % |
| Total Provisions | (871.90) | (899.85) | (3.2 %) |
| Net Income | 3,224.15 | 3,456.41 | 7.2 % |
| Average Shares | 2,000.00 | 2,000.00 | - |
| EPS (Riyals) | 1.61 | 1.73 | 7.2 % |
The stronger profit was driven by a 10% year-on-year (YoY) rise in operating income, due to higher gains on fair value through other comprehensive income (FVOCI) debt, as well as exchange and trading income.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,563.75 | 1,377.18 | (11.9 %) |
| Operating Income | 2,195.24 | 2,456.51 | 11.9 % |
| Debt Provisions | (90.17) | (254.33) | (182.0 %) |
| Net Income | 1,225.24 | 1,229.90 | 0.4 % |
| Average Shares | 2,000.00 | 2,000.00 | - |
| EPS (Riyals) | 0.61 | 0.61 | 0.4 % |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,390.95 | 1,377.18 | (1.0 %) |
| Operating Income | 2,359.08 | 2,456.51 | 4.1 % |
| Debt Provisions | (462.89) | (254.33) | 45.1 % |
| Net Income | 953.45 | 1,229.90 | 29.0 % |
| Average Shares | 2,000.00 | 2,000.00 | - |
| EPS (Riyals) | 0.48 | 0.61 | 29.0 % |
The third quarter net profit edged up 0.4% YoY to SAR 1.231 billion, thanks to a 12% YoY rise in operating income, due to higher gains on FVOCI debt, as well income from fair value through income statement (FVIS) investments and trading income.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Assets | 237.34 | 289.59 | 22.0 % |
| Customer Deposits | 165.49 | 201.17 | 21.6 % |
| Loan | 125.49 | 154.21 | 22.9 % |
On a sequential basis, Samba’s net profit also jumped 29%.
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