Saudi National Bank net profit up 12% to SAR 5.526 bln in H1 2021

05/08/2021 Argaam Exclusive

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Saudi National Bank (SNB) reported a net profit of SAR 5.526 billion for the first half of 2021, a rise of 12% from SAR 4.922 billion in the year-ago period.

Net income after Zakat and income tax was 12.3% higher after the merger with Samba Financial Group effective April 1, 2021, driven by higher operating income. It was partially offset by higher operating expenses, including.

net impairment charges, and higher other non-operating expenses.

Total operating income increased by 31.8%, mainly from higher net special commission income, investment-related income, fees from banking and services, and foreign exchange income. However, it was partially offset by higher other operating expenses.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Net Special Commission Income	8,114.75	10,066.43	24.1 %
Operating Income	10,071.00	13,307.13	32.1 %
Total Provisions	(1224.04)	(2701.03)	(120.7 %)
Net Income	4,921.93	5,724.35	16.3 %
Average Shares	4,019.65	5,504.91	36.9 %
EPS (Riyals)	1.22	1.04	(15.1 %)
EPS Diluted (Riyals)	1.49	1.49	0.0 %

The bank reported a net profit of SAR 2.117 billion for Q2 2021, a 1.4% increase year-on-year (YoY).

On a sequential basis, Q2 net profit fell 37.9% on higher total operating expenses, including net impairment charges attributable to the merger.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Net Special Commission Income	3,957.52	5,888.35	48.8 %
Operating Income	4,765.75	7,587.82	59.2 %
Debt Provisions	(827.95)	(2414.67)	(191.6 %)
Net Income	2,087.73	2,315.88	10.9 %
Average Shares	4,019.65	5,504.91	36.9 %
EPS (Riyals)	0.52	0.42	(19.0 %)
EPS Diluted (Riyal)	0.76	0.76	0.0 %

Item	Q1 2021	Q2 2021	Change‬
Net Special Commission Income	4,178.08	5,888.35	40.9 %
Operating Income	5,719.31	7,587.82	32.7 %
Debt Provisions	(286.37)	(2414.67)	(743.2 %)
Net Income	3,408.47	2,315.88	(32.1 %)
Average Shares	5,504.91	5,504.91	-
EPS (Riyals)	0.62	0.42	(32.1 %)
EPS Diluted (Riyal)	0.73	0.76	3.7 %

Balance Sheet (B)

Item	6m 2020	6m 2021	Change‬
Assets	556.86	897.36	61.1 %
Customer Deposits	380.40	588.13	54.6 %
Loan	315.84	501.80	58.9 %

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