Arab National Bank net profit down 7% to SAR 1.055 bln in H1 2021

04/08/2021 Argaam Exclusive

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Arab National Bank (ANB) reported a net profit of SAR 1.055 billion for the first half of 2021, a 7% drop from SAR 1.130 billion a year earlier.

The decrease is mainly due to a fall in net special commission income and an increase in credit loss provisions.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Net Special Commission Income	2,489.81	2,309.73	(7.2 %)
Operating Income	2,959.34	2,804.37	(5.2 %)
Total Provisions	(543.78)	(625.68)	(15.1 %)
Net Income	1,129.74	1,054.99	(6.6 %)
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.56	0.53	(6.6 %)
EPS Diluted (Riyals)	0.56	0.53	(6.6 %)

In Q2 2021, net profit decreased by 3% year-on-year (YoY) to SAR 473 million, hit by a 6.1% YoY drop in total operating income, due to lower net special commission and exchange income.

On a sequential basis, net profit fell 18.7% from SAR 582 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Net Special Commission Income	1,199.05	1,130.18	(5.7 %)
Operating Income	1,469.73	1,381.21	(6.0 %)
Debt Provisions	(345.43)	(290.67)	15.9 %
Net Income	485.95	472.76	(2.7 %)
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.24	0.24	(2.7 %)
EPS Diluted (Riyal)	0.24	0.24	(2.7 %)

Item	Q1 2021	Q2 2021	Change‬
Net Special Commission Income	1,179.55	1,130.18	(4.2 %)
Operating Income	1,423.15	1,381.21	(2.9 %)
Debt Provisions	(335.01)	(290.67)	13.2 %
Net Income	582.23	472.76	(18.8 %)
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.29	0.24	(18.8 %)
EPS Diluted (Riyal)	0.29	0.24	(18.8 %)

Balance Sheet (B)

Item	6m 2020	6m 2021	Change‬
Assets	187.30	181.88	(2.9 %)
Customer Deposits	133.90	130.22	(2.7 %)
Loan	117.13	117.83	0.6 %

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