ANB's net profit down 32% to SAR 1.129 bln in H1 2020

06/08/2020 Argaam Exclusive

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Arab National Bank (ANB) reported a net profit of SAR 1.129 billion for the first half of 2020, a slump of 32% year-on-year (YoY), driven by a decline of 12.1% in gross operating income, lower net special commission income and increased operating expenses.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Net Special Commission Income	2,802.31	2,489.81	(11.2 %)
Operating Income	3,367.10	2,959.34	(12.1 %)
Total Provisions	(335.58)	(543.78)	(62.0 %)
Net Income	1,673.22	1,129.74	(32.5 %)
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.84	0.56	(32.5 %)
EPS Diluted (Riyals)	0.84	0.56	(32.5 %)

ANB's net profit for the second quarter declined 46% YoY to SAR 486 million, due to lower gross operating income, decreased net special commission income, and the slump in profit share from associates.

The bank also cited a 21.5% rise in total operating expenses.

On a quarter-on-quarter basis, the profit for the current quarter dropped by 22.58%.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Net Special Commission Income	1,437.47	1,199.05	(16.6 %)
Operating Income	1,733.94	1,469.73	(15.2 %)
Debt Provisions	(187.58)	(345.43)	(84.1 %)
Net Income	894.24	485.95	(45.7 %)
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.45	0.24	(45.7 %)
EPS Diluted (Riyal)	0.45	0.24	(45.6 %)

Item	Q1 2020	Q2 2020	Change‬
Net Special Commission Income	1,290.76	1,199.05	(7.1 %)
Operating Income	1,489.61	1,469.73	(1.3 %)
Debt Provisions	(198.35)	(345.43)	(74.2 %)
Net Income	643.79	485.95	(24.5 %)
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.32	0.24	(24.5 %)
EPS Diluted (Riyal)	0.32	0.24	(24.5 %)

Balance Sheet (B)

Item	6m 2019	6m 2020	Change‬
Assets	170.90	187.30	9.6 %
Customer Deposits	131.91	133.90	1.5 %
Loan	119.75	117.13	(2.2 %)

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