ANB profit falls 9.6% to SAR 582 mln in Q1 2021

04/05/2021 Argaam Exclusive

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Arab National Bank (ANB) reported a 9.6% decline in net profit to SAR 582 million for Q1 2021, compared to SAR 644 million in the year-earlier period.

The decrease is mainly due to a fall in net special commission income and an increase in allowances for expected credit losses. However, special commission expense and salaries and employee-related costs declined while realized and unrealized gains on investments increased.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2020	Q1 2021	Change‬
Net Special Commission Income	1,290.76	1,179.55	(8.6 %)
Operating Income	1,489.61	1,423.15	(4.5 %)
Debt Provisions	(198.35)	(335.01)	(68.9 %)
Net Income	643.79	582.23	(9.6 %)
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.32	0.29	(9.6 %)
EPS Diluted (Riyal)	0.32	0.29	(9.6 %)

Item	Q4 2020	Q1 2021	Change‬
Net Special Commission Income	1,168.21	1,179.55	1.0 %
Operating Income	1,401.07	1,423.15	1.6 %
Debt Provisions	(534.74)	(335.01)	37.3 %
Net Income	273.87	582.23	112.6 %
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.14	0.29	112.6 %
EPS Diluted (Riyal)	0.14	0.29	112.6 %

When compared to the previous quarter, net profit in Q1 2021 more than doubled, thanks to an increase in net special commission income, fees and commission income, as well as gain on sale of debt financial assets.

Balance Sheet (B)

Item	3m 2020	3m 2021	Change‬
Assets	184.87	177.44	(4.0 %)
Customer Deposits	135.98	125.16	(8.0 %)
Loan	119.94	115.56	(3.7 %)

Shareholders’ equity, excluding minority interest, rose 8.27% to SAR 29.97 billion by the end of Q1 2021, compared to SAR 27.68 billion in the year-ago period.

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