Financial Results : Aljazira bank posts higher net profit at SAR 326m in I2 of 2014

Aljazira bank posts higher net profit at SAR 326m in I2 of 2014

30/06/2014 Argaam Exclusive

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Aljazira bank, one of the smallest banks listed in the Saudi market in terms of assets, reported SAR 326m net profit at the end of the first half of 2014, a 4% increase compared to the same period last year, as shown in the following table:



Financials (M)

Item 6m 2013 6m 2014 Change‬
Net Special Commission Income 567.68 677.94 19.4 %
Operating Income 891.09 1,067.78 19.8 %
Total Provisions (86.54) (156.56) (80.9 %)
Net Income 311.64 326.04 4.6 %
Average Shares 709.43 709.43 -
EPS (Riyals) 0.44 0.46 4.6 %


Current Quarter Comparison (M)

Compared With The
Item Q2 2013 Q2 2014 Change‬
Net Special Commission Income 301.98 356.29 18.0 %
Operating Income 448.47 557.72 24.4 %
Debt Provisions (31.05) (91.18) (193.6 %)
Net Income 167.39 166.71 (0.4 %)
Average Shares 709.43 709.43 -
EPS (Riyals) 0.24 0.23 (0.4 %)

Balance Sheet (B)

Item 6m 2013 6m 2014 Change‬
Assets 56.25 65.80 17.0 %
Customer Deposits 45.20 51.84 14.7 %
Loan 33.31 38.97 17.0 %


Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Debt Provisions Change
Q1 2005 54.14 25.9 % 169.45 31.9 % (23.81) 38.3 %
Q2 2005 64.29 42.0 % 314.41 73.2 % (59.02) 28.8 %
Q3 2005 78.08 62.9 % 351.45 145.5 % (35.84) (69.7 %)
Q4 2005 79.90 54.5 % 483.29 228.8 % (0.06) 99.7 %
Q1 2006 103.21 90.6 % 816.87 382.1 % (20.35) 14.5 %
Q2 2006 105.34 63.8 % 899.94 186.2 % (0.30) 99.5 %
Q3 2006 133.01 70.4 % 525.44 49.5 % 22.24 162.0 %
Q4 2006 135.09 69.1 % 373.14 (22.8 %) (17.67) (29,854.2 %)
Q1 2007 138.75 34.4 % 415.17 (49.2 %) 21.35 204.9 %
Q2 2007 155.74 47.8 % 363.33 (59.6 %) 2.33 873.1 %
Q3 2007 146.56 10.2 % 321.85 (38.7 %) 1.27 (94.3 %)
Q4 2007 154.08 14.1 % 346.45 (7.2 %) 0.96 105.5 %
Q1 2008 166.91 20.3 % 341.75 (17.7 %) (1.72) (108.1 %)
Q2 2008 167.77 7.7 % 331.32 (8.8 %) (23.48) (1109.2 %)
Q3 2008 154.35 5.3 % 257.29 (20.1 %) 0.12 (90.9 %)
Q4 2008 142.38 (7.6 %) 206.19 (40.5 %) (36.07) (3841.8 %)
Q1 2009 172.59 3.4 % 276.60 (19.1 %) 0.55 131.7 %
Q2 2009 186.48 11.1 % 349.41 5.5 % (39.65) (68.8 %)
Q3 2009 161.91 4.9 % 358.16 39.2 % (115.68) (99820.7 %)
Q4 2009 146.80 3.1 % 186.86 (9.4 %) (257.31) (613.3 %)
Q1 2010 168.44 (2.4 %) 305.10 10.3 % (110.00) (20283.5 %)
Q2 2010 187.78 0.7 % 295.20 (15.5 %) (93.82) (136.6 %)
Q3 2010 175.35 8.3 % 292.61 (18.3 %) (93.36) 19.3 %
Q4 2010 185.69 26.5 % 262.16 40.3 % (65.05) 74.7 %
Q1 2011 183.23 8.8 % 276.26 (9.5 %) 4.25 103.9 %
Q2 2011 191.66 2.1 % 308.29 4.4 % (43.99) 53.1 %
Q3 2011 210.03 19.8 % 293.71 0.4 % (22.72) 75.7 %
Q4 2011 196.53 5.8 % 329.83 25.8 % (7.89) 87.9 %
Q1 2012 218.62 19.3 % 425.74 54.1 % (47.73) (1223.5 %)
Q2 2012 241.06 25.8 % 408.51 32.5 % (56.81) (29.2 %)
Q3 2012 244.65 16.5 % 391.92 33.4 % (35.66) (56.9 %)
Q4 2012 246.55 25.4 % 371.41 12.6 % (32.28) (309.1 %)
Q1 2013 265.70 21.5 % 442.62 4.0 % (55.48) (16.3 %)
Q2 2013 301.98 25.3 % 448.47 9.8 % (31.05) 45.3 %
Q3 2013 323.13 32.1 % 471.88 20.4 % 2.93 108.2 %
Q4 2013 332.14 34.7 % 476.34 28.3 % (52.74) (63.4 %)
Q1 2014 321.65 21.1 % 510.06 15.2 % (65.38) (17.8 %)
Q2 2014 356.29 18.0 % 557.72 24.4 % (91.18) (193.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 74.53 135.4 % 0.11 - 74.53 0.11
Q2 2005 179.72 404.6 % 0.25 - 179.72 0.25
Q3 2005 229.52 346.0 % 0.32 - 229.52 0.32
Q4 2005 390.62 466.1 % 0.55 - 390.62 0.55
Q1 2006 683.35 816.9 % 0.96 - 683.35 0.96
Q2 2006 664.19 269.6 % 0.94 (100.00) 764.19 1.08
Q3 2006 424.35 84.9 % 0.60 - 424.35 0.60
Q4 2006 202.06 (48.3 %) 0.28 - 202.06 0.28
Q1 2007 302.45 (55.7 %) 0.43 - 302.45 0.43
Q2 2007 207.28 (68.8 %) 0.29 - 207.28 0.29
Q3 2007 135.00 (68.2 %) 0.19 - 135.00 0.19
Q4 2007 160.46 (20.6 %) 0.23 - 160.46 0.23
Q1 2008 153.35 (49.3 %) 0.22 - 153.35 0.22
Q2 2008 99.89 (51.8 %) 0.14 - 99.89 0.14
Q3 2008 60.87 (54.9 %) 0.09 - 60.87 0.09
Q4 2008 (91.77) (157.2 %) (0.13) - (91.77) (0.13)
Q1 2009 102.23 (33.3 %) 0.14 - 102.23 0.14
Q2 2009 121.23 21.4 % 0.17 - 121.23 0.17
Q3 2009 69.79 14.6 % 0.10 - 69.79 0.10
Q4 2009 (265.72) (189.5 %) (0.37) - (265.72) (0.37)
Q1 2010 12.61 (87.7 %) 0.02 - 12.61 0.02
Q2 2010 21.31 (82.4 %) 0.03 - 21.31 0.03
Q3 2010 22.13 (68.3 %) 0.03 - 22.13 0.03
Q4 2010 (27.14) 89.8 % (0.04) - (27.14) (0.04)
Q1 2011 62.29 393.9 % 0.09 - 62.29 0.09
Q2 2011 64.20 201.3 % 0.09 - 64.20 0.09
Q3 2011 66.02 198.3 % 0.09 - 66.02 0.09
Q4 2011 110.35 506.5 % 0.16 - 110.35 0.16
Q1 2012 143.04 129.6 % 0.20 - 143.04 0.20
Q2 2012 129.17 101.2 % 0.18 - 129.17 0.18
Q3 2012 130.46 97.6 % 0.18 - 130.46 0.18
Q4 2012 97.81 (11.4 %) 0.14 - 97.81 0.14
Q1 2013 144.24 0.8 % 0.20 - 144.24 0.20
Q2 2013 167.39 29.6 % 0.24 - 167.39 0.24
Q3 2013 188.68 44.6 % 0.27 - 188.68 0.27
Q4 2013 150.32 53.7 % 0.21 - 150.32 0.21
Q1 2014 159.33 10.5 % 0.22 7.36 151.97 0.21
Q2 2014 166.71 (0.4 %) 0.23 11.44 155.28 0.22

Profitability

Period Return On Average Assets Return on Average Equity Net Interest Income/Total Operating Income
Q1 2005 2.20 % 18.25 % 31.05 %
Q2 2005 3.48 % 25.81 % 28.18 %
Q3 2005 4.73 % 34.26 % 25.27 %
Q4 2005 7.03 % 42.06 % 20.96 %
Q1 2006 12.08 % 60.57 % 16.56 %
Q2 2006 14.27 % 69.24 % 14.36 %
Q3 2006 15.14 % 68.59 % 15.46 %
Q4 2006 13.21 % 57.52 % 18.22 %
Q1 2007 10.44 % 41.25 % 23.14 %
Q2 2007 7.43 % 28.29 % 33.55 %
Q3 2007 5.34 % 19.88 % 39.10 %
Q4 2007 4.32 % 18.11 % 41.13 %
Q1 2008 3.28 % 14.23 % 45.38 %
Q2 2008 2.74 % 12.03 % 47.36 %
Q3 2008 2.39 % 10.29 % 50.37 %
Q4 2008 0.91 % 4.76 % 55.56 %
Q1 2009 0.69 % 3.59 % 59.46 %
Q2 2009 0.72 % 4.06 % 60.19 %
Q3 2009 0.77 % 4.22 % 55.73 %
Q4 2009 0.10 % 0.60 % 57.02 %
Q1 2010 (0.23 %) (1.35 %) 55.32 %
Q2 2010 (0.56 %) (3.52 %) 58.06 %
Q3 2010 (0.71 %) (4.50 %) 62.83 %
Q4 2010 0.09 % 0.64 % 62.10 %
Q1 2011 0.25 % 1.74 % 65.00 %
Q2 2011 0.37 % 2.67 % 64.59 %
Q3 2011 0.49 % 3.62 % 67.57 %
Q4 2011 0.84 % 6.55 % 64.69 %
Q1 2012 0.97 % 8.09 % 60.17 %
Q2 2012 1.07 % 9.56 % 59.42 %
Q3 2012 1.20 % 10.77 % 57.90 %
Q4 2012 1.12 % 10.27 % 59.52 %
Q1 2013 1.03 % 9.93 % 61.81 %
Q2 2013 1.04 % 10.60 % 64.00 %
Q3 2013 1.16 % 11.42 % 65.58 %
Q4 2013 1.17 % 12.12 % 66.49 %
Q1 2014 1.16 % 12.08 % 67.07 %
Q2 2014 1.09 % 11.71 % 66.13 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
Q1 2005 11.17 14.0 % 8.97 8.6 % 5.62 19.6 %
Q2 2005 12.73 44.8 % 9.92 40.6 % 6.57 50.4 %
Q3 2005 13.20 29.8 % 10.28 23.0 % 6.61 36.0 %
Q4 2005 14.17 32.1 % 10.82 32.8 % 6.91 33.2 %
Q1 2006 13.39 19.9 % 9.15 2.1 % 6.35 12.9 %
Q2 2006 14.85 16.7 % 10.59 6.8 % 5.79 (11.8 %)
Q3 2006 15.36 16.3 % 10.83 5.3 % 5.57 (15.8 %)
Q4 2006 15.71 10.9 % 10.92 0.9 % 6.27 (9.3 %)
Q1 2007 17.12 27.9 % 12.04 31.5 % 6.85 7.9 %
Q2 2007 15.72 5.8 % 10.59 0.0 % 7.20 24.3 %
Q3 2007 16.35 6.5 % 11.21 3.6 % 8.26 48.3 %
Q4 2007 21.56 37.2 % 15.65 43.3 % 9.88 57.5 %
Q1 2008 22.90 33.8 % 15.93 32.3 % 11.91 74.0 %
Q2 2008 24.28 54.5 % 17.29 63.2 % 14.00 94.5 %
Q3 2008 23.40 43.2 % 16.86 50.3 % 14.09 70.6 %
Q4 2008 27.52 27.6 % 20.90 33.6 % 15.13 53.2 %
Q1 2009 27.07 18.2 % 21.37 34.2 % 15.31 28.5 %
Q2 2009 28.94 19.2 % 22.15 28.1 % 15.82 13.0 %
Q3 2009 29.16 24.6 % 22.19 31.6 % 15.60 10.7 %
Q4 2009 29.98 8.9 % 22.14 5.9 % 15.50 2.5 %
Q1 2010 27.79 2.7 % 19.20 (10.2 %) 16.34 6.7 %
Q2 2010 29.17 0.8 % 22.66 2.3 % 17.41 10.0 %
Q3 2010 29.85 2.4 % 22.61 1.9 % 18.27 17.1 %
Q4 2010 33.02 10.1 % 27.34 23.5 % 18.70 20.6 %
Q1 2011 35.91 29.2 % 28.76 49.8 % 19.94 22.1 %
Q2 2011 36.74 26.0 % 29.08 28.3 % 22.03 26.5 %
Q3 2011 37.55 25.8 % 30.60 35.3 % 21.78 19.3 %
Q4 2011 38.90 17.8 % 31.16 13.9 % 23.31 24.6 %
Q1 2012 43.10 20.0 % 34.60 20.3 % 25.07 25.7 %
Q2 2012 47.12 28.2 % 37.25 28.1 % 27.23 23.6 %
Q3 2012 47.84 27.4 % 39.41 28.8 % 28.31 30.0 %
Q4 2012 50.78 30.5 % 40.68 30.5 % 29.90 28.3 %
Q1 2013 54.14 25.6 % 41.42 19.7 % 32.41 29.3 %
Q2 2013 56.25 19.4 % 45.20 21.3 % 33.31 22.3 %
Q3 2013 55.53 16.1 % 45.55 15.6 % 35.39 25.0 %
Q4 2013 59.98 18.1 % 48.08 18.2 % 34.99 17.1 %
Q1 2014 60.64 12.0 % 48.47 17.0 % 36.68 13.2 %
Q2 2014 65.80 17.0 % 51.84 14.7 % 38.97 17.0 %

Ratios

Period Customer Deposits Per Total Assets Loans and advances/Total assets Loans and advances/Customers Deposits
Q1 2005 80.27 % 50.31 % 62.67 %
Q2 2005 77.96 % 51.58 % 66.17 %
Q3 2005 77.89 % 50.07 % 64.29 %
Q4 2005 76.34 % 48.78 % 63.89 %
Q1 2006 68.36 % 47.40 % 69.34 %
Q2 2006 71.33 % 38.99 % 54.67 %
Q3 2006 70.51 % 36.25 % 51.41 %
Q4 2006 69.48 % 39.91 % 57.44 %
Q1 2007 70.32 % 39.98 % 56.86 %
Q2 2007 67.39 % 45.78 % 67.93 %
Q3 2007 68.60 % 50.51 % 73.64 %
Q4 2007 72.56 % 45.81 % 63.14 %
Q1 2008 69.55 % 52.01 % 74.78 %
Q2 2008 71.20 % 57.66 % 80.99 %
Q3 2008 72.04 % 60.20 % 83.56 %
Q4 2008 75.95 % 54.99 % 72.41 %
Q1 2009 78.97 % 56.57 % 71.63 %
Q2 2009 76.53 % 54.68 % 71.44 %
Q3 2009 76.10 % 53.49 % 70.29 %
Q4 2009 73.87 % 51.72 % 70.02 %
Q1 2010 69.10 % 58.79 % 85.09 %
Q2 2010 77.71 % 59.70 % 76.83 %
Q3 2010 75.74 % 61.19 % 80.79 %
Q4 2010 82.82 % 56.65 % 68.40 %
Q1 2011 80.08 % 55.53 % 69.34 %
Q2 2011 79.15 % 59.97 % 75.77 %
Q3 2011 81.48 % 58.00 % 71.19 %
Q4 2011 80.10 % 59.92 % 74.80 %
Q1 2012 80.28 % 58.17 % 72.45 %
Q2 2012 79.07 % 57.80 % 73.10 %
Q3 2012 82.39 % 59.18 % 71.84 %
Q4 2012 80.10 % 58.87 % 73.50 %
Q1 2013 76.51 % 59.87 % 78.24 %
Q2 2013 80.35 % 59.22 % 73.70 %
Q3 2013 82.03 % 63.74 % 77.70 %
Q4 2013 80.17 % 58.35 % 72.78 %
Q1 2014 79.93 % 60.49 % 75.69 %
Q2 2014 78.78 % 59.23 % 75.18 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2005 709.43 0.33 0.33 - 2.25
Q2 2005 709.43 0.53 0.53 - 2.79
Q3 2005 709.43 0.78 0.78 - 3.16
Q4 2005 709.43 1.23 1.23 - 3.76
Q1 2006 709.43 2.09 2.09 - 4.66
Q2 2006 709.43 2.77 2.91 - 5.22
Q3 2006 709.43 3.05 3.19 - 5.73
Q4 2006 709.43 2.78 2.92 - 5.91
Q1 2007 709.43 2.25 2.39 - 6.23
Q2 2007 709.43 1.60 1.60 - 6.10
Q3 2007 709.43 1.19 1.19 - 6.28
Q4 2007 709.43 1.13 1.13 - 6.62
Q1 2008 709.43 0.92 0.92 - 6.77
Q2 2008 709.43 0.77 0.77 - 6.76
Q3 2008 709.43 0.67 0.67 - 6.73
Q4 2008 709.43 0.31 0.31 - 6.54
Q1 2009 709.43 0.24 0.24 - 6.67
Q2 2009 709.43 0.27 0.27 - 6.62
Q3 2009 709.43 0.28 0.28 - 6.72
Q4 2009 709.43 0.04 0.04 - 6.32
Q1 2010 709.43 (0.09) (0.09) - 6.34
Q2 2010 709.43 (0.23) (0.23) - 6.37
Q3 2010 709.43 (0.30) (0.30) - 6.40
Q4 2010 709.43 0.04 0.04 - 6.36
Q1 2011 709.43 0.11 0.11 - 6.41
Q2 2011 709.43 0.17 0.17 - 6.45
Q3 2011 709.43 0.23 0.23 - 6.49
Q4 2011 709.43 0.43 0.43 - 6.67
Q1 2012 709.43 0.54 0.54 - 6.96
Q2 2012 709.43 0.63 0.63 - 6.78
Q3 2012 709.43 0.72 0.72 - 6.94
Q4 2012 709.43 0.71 0.71 - 7.06
Q1 2013 709.43 0.71 0.71 - 7.28
Q2 2013 709.43 0.76 0.76 - 7.58
Q3 2013 709.43 0.84 0.84 - 7.82
Q4 2013 709.43 0.92 0.92 - 8.07
Q1 2014 709.43 0.94 0.93 - 8.26
Q2 2014 709.43 0.94 0.91 - 8.43

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 43.74 43.74 6.33
Q2 2005 49.21 49.21 9.32
Q3 2005 40.81 40.81 10.07
Q4 2005 39.28 39.28 12.86
Q1 2006 20.64 20.64 9.27
Q2 2006 23.47 22.34 12.46
Q3 2006 22.66 21.66 12.05
Q4 2006 10.79 10.27 5.08
Q1 2007 12.55 11.81 4.52
Q2 2007 14.17 14.17 3.72
Q3 2007 20.92 20.92 3.98
Q4 2007 26.45 26.45 4.53
Q1 2008 26.87 26.87 3.67
Q2 2008 29.22 29.22 3.34
Q3 2008 22.15 22.15 2.20
Q4 2008 29.32 29.32 1.41
Q1 2009 42.38 42.38 1.53
Q2 2009 44.80 44.80 1.84
Q3 2009 43.14 43.14 1.82
Q4 2009 More than 100 More than 100 1.85
Q1 2010 NEG NEG 1.84
Q2 2010 NEG NEG 1.60
Q3 2010 NEG NEG 1.65
Q4 2010 More than 100 More than 100 1.58
Q1 2011 More than 100 More than 100 1.77
Q2 2011 More than 100 More than 100 1.74
Q3 2011 44.03 44.03 1.58
Q4 2011 24.23 24.23 1.55
Q1 2012 33.33 33.33 2.59
Q2 2012 20.88 20.88 1.95
Q3 2012 22.06 22.06 2.30
Q4 2012 22.61 22.61 2.26
Q1 2013 23.14 23.14 2.25
Q2 2013 20.96 20.96 2.10
Q3 2013 22.17 22.17 2.39
Q4 2013 25.04 25.04 2.84
Q1 2014 27.21 27.51 3.09
Q2 2014 26.57 27.34 2.96

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Brokerage and Asset Management Takaful Ta'awni Others
Q1 2005 113.94 26.10 29.41 - - -
Q2 2005 220.75 27.02 66.64 - - -
Q3 2005 291.41 26.84 33.21 - - -
Q4 2005 422.55 24.04 36.70 - - -
Q1 2006 734.09 33.86 48.93 - - -
Q2 2006 812.53 51.45 35.96 - - -
Q3 2006 432.27 39.80 53.37 - - -
Q4 2006 272.65 37.53 62.96 - - -
Q1 2007 311.42 49.66 54.09 - - -
Q2 2007 240.47 56.60 66.26 - - -
Q3 2007 192.07 65.28 64.51 - - -
Q4 2007 214.85 77.73 53.86 - - -
Q1 2008 260.15 29.36 52.24 - - -
Q2 2008 (84.19) 191.26 10.49 213.75 - -
Q3 2008 72.82 123.78 (1.31) 62.00 - -
Q4 2008 62.72 98.58 (13.93) 58.82 - -
Q1 2009 82.82 96.62 29.86 67.30 - -
Q2 2009 46.52 190.18 30.52 82.21 - -
Q3 2009 64.52 111.74 115.51 66.40 - -
Q4 2009 58.85 108.78 1.67 17.56 - -
Q1 2010 91.08 136.47 23.15 40.82 13.59 -
Q2 2010 97.94 136.50 3.26 53.83 3.68 -
Q3 2010 68.47 108.59 77.65 30.95 6.95 -
Q4 2010 94.59 127.93 (60.07) 35.72 10.21 53.78
Q1 2011 73.31 101.13 48.61 46.09 9.52 (2.39)
Q2 2011 78.47 109.47 54.87 60.99 9.28 (4.79)
Q3 2011 80.09 112.58 61.12 38.17 9.01 (7.26)
Q4 2011 97.59 108.55 62.34 57.98 8.63 (5.26)
Q1 2012 92.91 117.73 96.74 116.75 7.60 (5.99)
Q2 2012 88.87 106.38 111.70 104.00 5.62 (8.05)
Q3 2012 98.70 115.90 106.92 70.55 6.84 (7.00)
Q4 2012 103.03 94.05 111.35 63.16 5.50 (5.68)
Q1 2013 150.91 99.50 126.92 72.36 5.01 (12.08)
Q2 2013 135.01 123.26 127.51 66.09 5.13 (8.52)
Q3 2013 146.59 137.61 110.29 76.17 4.66 (3.44)
Q4 2013 115.42 131.47 177.98 60.08 6.60 (15.20)
Q1 2014 149.23 108.40 177.78 86.67 5.72 (10.39)
Q2 2014 154.19 136.57 183.90 103.10 5.70 (14.31)


Financial Ratios
Current
Market Cap (M Riyal) 16,953.50
Shares Outstanding ((M)) 1,025.00
EPS ( Riyal) (TTM) 1.20
EPS Diluted ( Riyal) (TTM) 1.01
Book Value (BV) ( Riyal) 13.18
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 14.32
P/E (TTM) 13.78
Price/book 1.25
Return on Average Assets (%) (TTM) 0.9
Return on Average Equity (%) (TTM) 9.5
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Share Price

Bank Aljazira
16.54
(0.10) (0.60 %)

Bank Aljazira (BJAZ)

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