ANB reports 24% profit decline in FY19

26/02/2020 Argaam Exclusive

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Arab National Bank (ANB) reported a net profit of SAR 3.02 billion for the fiscal year of 2019, down by 23.8% year-on-year (YoY), the bank said in a bourse statement.

The earnings drop was mainly attributed to SAR 1.1 billion worth of Zakat settlement between the bank and the General Authority for Zakat and Tax (GAZT).

Financials (M)

Item	2018	2019	Change‬
Net Special Commission Income	5,151.44	5,552.94	7.8 %
Operating Income	6,534.82	6,732.84	3.0 %
Total Provisions	(998.32)	(970.60)	2.8 %
Net Income	3,969.01	3,023.24	(23.8 %)
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	1.98	1.51	(23.8 %)

The bank’s Q4 2019 net profit also plunged by 72% YoY to SAR 515 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Net Special Commission Income	1,363.08	1,340.20	(1.7 %)
Operating Income	1,671.49	1,629.03	(2.5 %)
Debt Provisions	(407.28)	(424.67)	(4.3 %)
Net Income	1,826.30	515.26	(71.8 %)
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.91	0.26	(71.8 %)

Item	Q3 2019	Q4 2019	Change‬
Net Special Commission Income	1,410.44	1,340.20	(5.0 %)
Operating Income	1,736.71	1,629.03	(6.2 %)
Debt Provisions	(210.36)	(424.67)	(101.9 %)
Net Income	834.76	515.26	(38.3 %)
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.42	0.26	(38.3 %)
EPS Diluted (Riyal)	0.42	0.26	(38.3 %)

Balance Sheet (B)

Item	2018	2019	Change‬
Assets	178.35	183.44	2.9 %
Customer Deposits	142.06	142.13	0.0 %
Loan	121.04	118.84	(1.8 %)

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