Financial Results : ANB’s net profit up 5% to SAR 2.177 bln in 2021; Q4 rises 67% to SAR 456.8 mln

ANB’s net profit up 5% to SAR 2.177 bln in 2021; Q4 rises 67% to SAR 456.8 mln

24/02/2022 Argaam Exclusive

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Arab National Bank (ANB) reported a net profit of SAR 2.177 billion for 2021, a rise of 5% from SAR 2.072 billion a year earlier.



Financials (M)

Item 2020 2021 Change‬
Net Special Commission Income 4,868.66 4,672.03 (4.0 %)
Operating Income 5,824.24 5,591.94 (4.0 %)
Total Provisions (1282.20) (1030.51) 19.6 %
Net Income 2,072.21 2,176.59 5.0 %
Average Shares 2,000.00 2,000.00 -
EPS (Riyals) 1.04 1.09 5.0 %
EPS Diluted (Riyals) 1.04 1.09 5.0 %

The profit growth was driven by higher gains from fair value through income statement (FVSI) financial instruments, gains on sale of investments in non-trading instruments, trading income, and dividend income. ANB also reported a decrease in the expected credit loss (ECL) provisions, rent and premises related expenses, as well as depreciation and amortization.

 

The fourth-quarter net profit climbed 67% year-on-year (YoY) to SAR 456.8 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Net Special Commission Income 1,168.21 1,109.95 (5.0 %)
Operating Income 1,401.07 1,333.91 (4.8 %)
Debt Provisions (534.74) (214.28) 59.9 %
Net Income 273.87 456.35 66.6 %
Average Shares 2,000.00 2,000.00 -
EPS (Riyals) 0.14 0.23 66.6 %
EPS Diluted (Riyal) 0.14 0.23 66.7 %

On a sequential basis, Q4 net profit dropped 31.4% from SAR 665.35 million.

 

Shareholders’ equity, after minority interest, increased to SAR 31.101 billion in 2021, from SAR 29.734 billion a year earlier.

 

Provisions for expected credit losses for 2021 amounted to SAR 1.034 billion, compared to SAR 1.271 billion in 2020, a decrease of 19%.

Balance Sheet (B)

Item 2020 2021 Change‬
Assets 180.40 192.50 6.7 %
Customer Deposits 129.35 135.71 4.9 %
Loan 113.36 126.67 11.7 %

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