NCB posts 10% profit decline to SAR 4.922 bln in H1 2020

26/07/2020 Argaam Exclusive

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National Commercial Bank (NCB) reported a net profit of SAR 4.922 billion in the first half of 2020, a drop of 10% from SAR 5.461 billion a year earlier, on higher total expenses, net impairment charges for expected credit losses and Depreciation/amortization of property, equipment, software and right-of-use (ROU) assets.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Net Special Commission Income	7,661.51	8,114.75	5.9 %
Operating Income	10,001.22	10,071.00	0.7 %
Total Provisions	(470.07)	(1224.04)	(160.4 %)
Net Income	5,461.13	4,921.93	(9.9 %)
Average Shares	4,019.65	4,019.65	-
EPS (Riyals)	1.36	1.22	(9.9 %)

In Q2 2020, NCB’s net profit fell by 22% year-on-year (YoY) to SAR 2.088 billion, due to lower operating income, a decline in net special commission income, and investment related income, as well as higher operating expenses.

When compared to Q1 2020, net profit slid 26.3% on lower operating income and higher total operating expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Net Special Commission Income	3,907.43	3,957.52	1.3 %
Operating Income	5,050.41	4,765.75	(5.6 %)
Debt Provisions	(324.74)	(827.95)	(155.0 %)
Net Income	2,685.59	2,087.73	(22.3 %)
Average Shares	4,019.65	4,019.65	-
EPS (Riyals)	0.67	0.52	(22.3 %)

Item	Q1 2020	Q2 2020	Change‬
Net Special Commission Income	4,157.22	3,957.52	(4.8 %)
Operating Income	5,305.26	4,765.75	(10.2 %)
Debt Provisions	(396.09)	(827.95)	(109.0 %)
Net Income	2,834.20	2,087.73	(26.3 %)
Average Shares	4,019.65	4,019.65	-
EPS (Riyals)	0.71	0.52	(26.3 %)
EPS Diluted (Riyal)	0.73	0.76	3.7 %

Balance Sheet (B)

Item	6m 2019	6m 2020	Change‬
Assets	476.59	556.86	16.8 %
Customer Deposits	327.44	380.40	16.2 %
Loan	274.83	315.84	14.9 %

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