ANB net profit slumps 28% to SAR 1.798 bln in 9M 2020

08/11/2020 Argaam Exclusive

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Arab National Bank’s (ANB) net profit fell 28% year-on-year (YoY) to SAR 1.798 billion for the first nine months of 2020, driven by a 13.3% decline in total operating income on lower net special income. Also, total operating expenses increased by 4.9% for the same period.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Net Special Commission Income	4,212.74	3,700.45	(12.2 %)
Operating Income	5,103.81	4,423.17	(13.3 %)
Total Provisions	(545.93)	(747.46)	(36.9 %)
Net Income	2,507.98	1,798.34	(28.3 %)
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	1.25	0.90	(28.3 %)
EPS Diluted (Riyals)	1.25	0.90	(28.3 %)

The third-quarter net profit dropped 20% YoY to SAR 668.6 million, due to 15.7% lower total operating income.

The bank also cited lower net special commission income, decreased net exchange income and lower unrealised gains on FVTPL financial instruments.

On a sequential basis, Q3 2020 net profit jumped 37.6%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Net Special Commission Income	1,410.44	1,210.64	(14.2 %)
Operating Income	1,736.71	1,463.83	(15.7 %)
Debt Provisions	(210.36)	(203.68)	3.2 %
Net Income	834.76	668.60	(19.9 %)
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.42	0.33	(19.9 %)
EPS Diluted (Riyal)	0.42	0.33	(19.9 %)

Item	Q2 2020	Q3 2020	Change‬
Net Special Commission Income	1,199.05	1,210.64	1.0 %
Operating Income	1,469.73	1,463.83	(0.4 %)
Debt Provisions	(345.43)	(203.68)	41.0 %
Net Income	485.95	668.60	37.6 %
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.24	0.33	37.6 %
EPS Diluted (Riyal)	0.24	0.33	37.6 %

Balance Sheet (B)

Item	9m 2019	9m 2020	Change‬
Assets	170.93	188.53	10.3 %
Customer Deposits	130.92	136.72	4.4 %
Loan	117.88	118.06	0.2 %

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