ANB’s Q1 2020 net profit falls 17% to SAR 643.8 mln

21/05/2020 Argaam Exclusive

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Arab National Bank (ANB) reported a 17% decline year-on-year (YoY) in net profit to SAR 643.8 million for Q1 2020, as compared to SAR 779 million for the same period last year.

The profit drop was driven by an 8.8% decline in total operating income due to lower income from net special commission, dividend, commission, exchange and trading. In addition, total operating expenses rose by 2.5% due to increase in impairment charge for credit losses and general and administrative (G&A) expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2019	Q1 2020	Change‬
Net Special Commission Income	1,364.84	1,290.76	(5.4 %)
Operating Income	1,633.15	1,489.61	(8.8 %)
Debt Provisions	(147.99)	(198.35)	(34.0 %)
Net Income	778.97	643.79	(17.4 %)
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.39	0.32	(17.4 %)
EPS Diluted (Riyal)	0.39	0.32	(17.4 %)

Item	Q4 2019	Q1 2020	Change‬
Net Special Commission Income	1,340.20	1,290.76	(3.7 %)
Operating Income	1,629.03	1,489.61	(8.6 %)
Debt Provisions	(424.67)	(198.35)	53.3 %
Net Income	515.26	643.79	24.9 %
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.26	0.32	24.9 %
EPS Diluted (Riyal)	0.26	0.32	25.0 %

When compared to previous quarter, net profit in Q1 rose 25% as total operating expenses fell by 25.1%.

Balance Sheet (B)

Item	3m 2019	3m 2020	Change‬
Assets	168.68	184.87	9.6 %
Customer Deposits	130.31	135.98	4.4 %
Loan	120.19	119.94	(0.2 %)

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