SABB Q1 2023 net profit rises 76% to SAR 1.76 bln

07/05/2023 Argaam Exclusive

Saudi British Bank (SABB) reported a net profit of SAR 1.76 billion in Q1 2023, up 76% from SAR 1 billion in the year earlier period, spurred by higher total operating income. This was partially offset by an increase in provisions for expected credit losses.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Net Special Commission Income 1,413.65 2,534.04 79.3 %
Operating Income 2,012.53 3,217.57 59.9 %
Debt Provisions (59.78) (228.96) (283.0 %)
Net Income 1,006.22 1,764.57 75.4 %
Average Shares 2,054.80 2,054.80 -
EPS (Riyals) 0.49 0.86 75.4 %
EPS Diluted (Riyal) 0.49 0.86 75.8 %

Total operating income increased mainly due to an increase in net special commission income. In addition, and to a lesser extent, income from FVSI financial instruments and exchange income also drove an increase in net profit for Q1.

 

On a sequential basis, net earnings grew 27% from SAR 1.38 billion in Q4 2022, due to an increase in total operating income and a decline in total operating expenses on lower general and administrative expenses.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 57.03 billion as of March 31, 2023, compared to SAR 53.67 billion in a prior-year period.

Balance Sheet (B)

Item 3m 2022 3m 2023 Change‬
Assets 282.69 328.88 16.3 %
Customer Deposits 193.89 225.98 16.6 %
Loan 176.15 191.00 8.4 %

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Share Price

Saudi Awwal Bank
32.90
0.70 2.17 %

Saudi Awwal Bank (SAB)

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Financial Ratios
Current
Market Cap (M Riyal) 67,602.92
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) 8.66
P/E (TTM) 8.66
Price/book 1.12
Return on Average Assets (%) (TTM) 2.1
Return on Average Equity (%) (TTM) 13.5
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