ANB’s net profit slips 4% to SAR 1.72 bln in 9M 2021

25/10/2021 Argaam Exclusive

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Arab National Bank (ANB) reported a net profit of SAR 1.72 billion for the first nine months of 2021, down 4% from SAR 1.798 billion a year earlier.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Net Special Commission Income	3,700.45	3,562.08	(3.7 %)
Operating Income	4,423.17	4,258.02	(3.7 %)
Total Provisions	(747.46)	(816.23)	(9.2 %)
Net Income	1,798.34	1,720.25	(4.3 %)
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.90	0.86	(4.3 %)
EPS Diluted (Riyals)	0.90	0.86	(4.3 %)

The decline was attributed to a decrease in net special commission income and an increase in impairment charges for expected credit losses and for other financial assets. It was offset by an increase in realized and unrealized gains on investments and earnings from associates.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Net Special Commission Income	1,210.64	1,252.35	3.4 %
Operating Income	1,463.83	1,453.66	(0.7 %)
Debt Provisions	(203.68)	(190.54)	6.5 %
Net Income	668.60	665.35	(0.5 %)
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.33	0.33	(0.5 %)
EPS Diluted (Riyal)	0.33	0.33	(0.5 %)

Item	Q2 2021	Q3 2021	Change‬
Net Special Commission Income	1,130.18	1,252.35	10.8 %
Operating Income	1,381.21	1,453.66	5.2 %
Debt Provisions	(290.67)	(190.54)	34.4 %
Net Income	472.76	665.35	40.7 %
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.24	0.33	40.7 %
EPS Diluted (Riyal)	0.24	0.33	40.7 %

The Q3 2021 net profit slipped 1% year-on-year (YoY) to SAR 665 million, due to increases in salaries and employee-related expenses, along with higher general and administrative expenses.

On a sequential basis, Q3 net profit jumped 40.7% from SAR 472.76 million.

Shareholders’ equity, after minority interest, increased to SAR 30.744 billion as of Sept. 30, 2021, from SAR 29.339 billion a year earlier.

Balance Sheet (B)

Item	9m 2020	9m 2021	Change‬
Assets	188.53	182.27	(3.3 %)
Customer Deposits	136.72	129.39	(5.4 %)
Loan	118.06	120.02	1.7 %

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