Financial Results : SABB posts higher net profit at SAR 948m in I1 of 2013

SABB posts higher net profit at SAR 948m in I1 of 2013

31/03/2013 Argaam Exclusive

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The Saudi British Bank, the 5th largest Saudi bank in terms of assets, reported SAR 948m net profit at the end of the first quarter of 2013, a 11% increase compared to the same period last year, as shown in the following table:



Current Quarter Comparison (M)

Compared With The
Item Q1 2012 Q1 2013 Change‬
Net Special Commission Income 775.03 885.23 14.2 %
Operating Income 1,235.04 1,437.55 16.4 %
Debt Provisions (36.46) (104.57) (186.8 %)
Net Income 854.19 947.86 11.0 %
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) 0.57 0.63 11.0 %

Balance Sheet (B)

Item 3m 2012 3m 2013 Change‬
Assets 144.05 158.79 10.2 %
Customer Deposits 111.62 122.07 9.4 %
Loan 91.19 101.18 11.0 %


Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Debt Provisions Change
Q1 2004 423.65 8.6 % 573.50 16.5 % (14.02) 50.6 %
Q2 2004 419.00 12.0 % 698.73 34.3 % (7.85) 74.7 %
Q3 2004 399.56 (2.8 %) 630.49 11.7 % (11.38) (2.7 %)
Q4 2004 437.59 2.1 % 662.42 17.1 % (27.37) 5.0 %
Q1 2005 448.89 6.0 % 706.14 23.1 % (19.76) (41.0 %)
Q2 2005 496.85 18.6 % 1,034.88 48.1 % (32.85) (318.4 %)
Q3 2005 540.97 35.4 % 1,015.32 61.0 % (48.39) (325.4 %)
Q4 2005 486.89 11.3 % 1,064.06 60.6 % (6.76) 75.3 %
Q1 2006 586.30 30.6 % 1,420.78 101.2 % (47.68) (141.3 %)
Q2 2006 636.87 28.2 % 1,206.90 16.6 % (36.69) (11.7 %)
Q3 2006 670.56 24.0 % 977.02 (3.8 %) (42.87) 11.4 %
Q4 2006 690.09 41.7 % 1,011.99 (4.9 %) (97.32) (1,340.7 %)
Q1 2007 711.24 21.3 % 1,027.88 (27.7 %) (100.13) (110.0 %)
Q2 2007 740.88 16.3 % 1,026.98 (14.9 %) (88.40) (140.9 %)
Q3 2007 783.03 16.8 % 1,100.04 12.6 % (103.28) (140.9 %)
Q4 2007 823.55 19.3 % 1,219.05 20.5 % (104.45) (7.3 %)
Q1 2008 854.42 20.1 % 1,191.39 15.9 % (75.20) 24.9 %
Q2 2008 818.45 10.5 % 1,330.34 29.5 % (109.86) (24.3 %)
Q3 2008 755.46 (3.5 %) 1,177.59 7.0 % (91.77) 11.1 %
Q4 2008 778.72 (5.4 %) 1,212.21 (0.6 %) (94.45) 9.6 %
Q1 2009 880.93 3.1 % 1,286.25 8.0 % (116.29) (54.6 %)
Q2 2009 894.07 9.2 % 1,382.89 4.0 % (314.37) (186.2 %)
Q3 2009 854.14 13.1 % 1,304.49 10.8 % (351.54) (283.1 %)
Q4 2009 807.61 3.7 % 1,186.65 (2.1 %) (714.28) (656.3 %)
Q1 2010 770.14 (12.6 %) 1,205.11 (6.3 %) (176.47) (51.7 %)
Q2 2010 942.85 5.5 % 1,359.78 (1.7 %) (504.02) (60.3 %)
Q3 2010 799.77 (6.4 %) 1,158.18 (11.2 %) (324.48) 7.7 %
Q4 2010 730.28 (9.6 %) 1,116.35 (5.9 %) (238.11) 66.7 %
Q1 2011 725.68 (5.8 %) 1,219.51 1.2 % (67.24) 61.9 %
Q2 2011 778.89 (17.4 %) 1,347.80 (0.9 %) (124.49) 75.3 %
Q3 2011 786.97 (1.6 %) 1,209.52 4.4 % (195.38) 39.8 %
Q4 2011 730.44 0.0 % 1,121.78 0.5 % (81.68) 65.7 %
Q1 2012 775.03 6.8 % 1,235.04 1.3 % (36.46) 45.8 %
Q2 2012 826.65 6.1 % 1,377.72 2.2 % (114.21) 8.3 %
Q3 2012 841.66 7.0 % 1,325.49 9.6 % (287.71) (47.3 %)
Q4 2012 820.75 12.4 % 1,228.22 9.5 % (0.58) 99.3 %
Q1 2013 885.23 14.2 % 1,437.55 16.4 % (104.57) (186.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2004 359.20 30.3 % 0.24 - 359.20 0.24
Q2 2004 470.64 62.5 % 0.31 - 470.64 0.31
Q3 2004 412.58 19.0 % 0.28 - 412.58 0.28
Q4 2004 403.46 16.6 % 0.27 - 403.46 0.27
Q1 2005 455.89 26.9 % 0.30 - 455.89 0.30
Q2 2005 744.08 58.1 % 0.50 - 744.08 0.50
Q3 2005 674.01 63.4 % 0.45 - 674.01 0.45
Q4 2005 630.33 56.2 % 0.42 - 630.33 0.42
Q1 2006 986.18 116.3 % 0.66 - 986.18 0.66
Q2 2006 822.88 10.6 % 0.55 - 822.88 0.55
Q3 2006 645.69 (4.2 %) 0.43 - 645.69 0.43
Q4 2006 585.53 (7.1 %) 0.39 - 585.53 0.39
Q1 2007 616.31 (37.5 %) 0.41 - 616.31 0.41
Q2 2007 634.94 (22.8 %) 0.42 - 634.94 0.42
Q3 2007 650.86 0.8 % 0.43 - 650.86 0.43
Q4 2007 704.83 20.4 % 0.47 - 704.83 0.47
Q1 2008 757.01 22.8 % 0.50 - 757.01 0.50
Q2 2008 795.05 25.2 % 0.53 - 795.05 0.53
Q3 2008 711.14 9.3 % 0.47 - 711.14 0.47
Q4 2008 656.82 (6.8 %) 0.44 - 656.82 0.44
Q1 2009 759.95 0.4 % 0.51 - 759.95 0.51
Q2 2009 675.99 (15.0 %) 0.45 - 675.99 0.45
Q3 2009 570.46 (19.8 %) 0.38 - 570.46 0.38
Q4 2009 25.88 (96.1 %) 0.02 - 25.88 0.02
Q1 2010 620.81 (18.3 %) 0.41 - 620.81 0.41
Q2 2010 446.77 (33.9 %) 0.30 - 446.77 0.30
Q3 2010 418.94 (26.6 %) 0.28 - 418.94 0.28
Q4 2010 396.64 1432.7 % 0.26 - 396.64 0.26
Q1 2011 751.42 21.0 % 0.50 - 751.42 0.50
Q2 2011 851.57 90.6 % 0.57 - 851.57 0.57
Q3 2011 630.16 50.4 % 0.42 - 630.16 0.42
Q4 2011 655.28 65.2 % 0.44 - 655.28 0.44
Q1 2012 854.19 13.7 % 0.57 - 854.19 0.57
Q2 2012 914.98 7.4 % 0.61 - 914.98 0.61
Q3 2012 655.74 4.1 % 0.44 - 655.74 0.44
Q4 2012 815.39 24.4 % 0.54 - 815.39 0.54
Q1 2013 947.86 11.0 % 0.63 - 947.86 0.63

Profitability

Period Return On Average Assets Return on Average Equity Net Interest Income/Total Operating Income
Q1 2004 2.77 % 27.63 % 73.66 %
Q2 2004 3.14 % 31.67 % 70.05 %
Q3 2004 3.16 % 30.66 % 67.70 %
Q4 2004 3.17 % 32.49 % 65.49 %
Q1 2005 3.24 % 31.65 % 63.20 %
Q2 2005 3.65 % 36.01 % 58.77 %
Q3 2005 3.81 % 36.96 % 56.29 %
Q4 2005 4.04 % 38.89 % 51.66 %
Q1 2006 4.62 % 43.26 % 46.55 %
Q2 2006 4.67 % 41.45 % 47.82 %
Q3 2006 4.27 % 39.30 % 50.99 %
Q4 2006 4.25 % 35.98 % 55.97 %
Q1 2007 3.49 % 30.97 % 64.13 %
Q2 2007 3.14 % 26.78 % 69.56 %
Q3 2007 2.98 % 26.82 % 70.20 %
Q4 2007 2.97 % 26.29 % 69.93 %
Q1 2008 2.96 % 28.29 % 70.57 %
Q2 2008 2.75 % 28.25 % 67.75 %
Q3 2008 2.67 % 28.77 % 66.12 %
Q4 2008 2.54 % 26.47 % 65.30 %
Q1 2009 2.45 % 25.61 % 64.59 %
Q2 2009 2.26 % 23.34 % 65.41 %
Q3 2009 2.08 % 22.13 % 65.71 %
Q4 2009 1.57 % 16.47 % 66.60 %
Q1 2010 1.50 % 14.44 % 65.48 %
Q2 2010 1.37 % 12.18 % 66.75 %
Q3 2010 1.25 % 10.83 % 67.63 %
Q4 2010 1.49 % 13.35 % 67.01 %
Q1 2011 1.63 % 13.91 % 65.90 %
Q2 2011 1.94 % 16.02 % 62.68 %
Q3 2011 2.10 % 16.82 % 61.76 %
Q4 2011 2.19 % 17.86 % 61.69 %
Q1 2012 2.22 % 18.18 % 62.50 %
Q2 2012 2.17 % 17.74 % 63.09 %
Q3 2012 2.14 % 17.28 % 62.72 %
Q4 2012 2.19 % 17.41 % 63.18 %
Q1 2013 2.20 % 17.68 % 62.85 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
Q1 2004 49.81 5.7 % 37.17 8.7 % 27.21 21.2 %
Q2 2004 49.98 6.4 % 39.28 7.6 % 27.97 20.2 %
Q3 2004 52.30 8.6 % 39.37 8.3 % 29.45 22.0 %
Q4 2004 57.93 25.8 % 44.67 23.8 % 31.63 21.1 %
Q1 2005 57.67 15.8 % 42.29 13.8 % 32.26 18.6 %
Q2 2005 60.50 21.0 % 44.46 13.2 % 35.42 26.6 %
Q3 2005 67.35 28.8 % 45.60 15.8 % 39.65 34.6 %
Q4 2005 65.93 13.8 % 48.53 8.7 % 40.85 29.2 %
Q1 2006 73.67 27.7 % 54.52 28.9 % 39.50 22.4 %
Q2 2006 72.78 20.3 % 55.11 24.0 % 39.12 10.4 %
Q3 2006 77.29 14.8 % 59.65 30.8 % 41.19 3.9 %
Q4 2006 77.19 17.1 % 59.26 22.1 % 42.45 3.9 %
Q1 2007 79.53 8.0 % 59.83 9.7 % 42.75 8.2 %
Q2 2007 85.11 16.9 % 65.23 18.4 % 48.62 24.3 %
Q3 2007 89.58 15.9 % 70.29 17.8 % 54.19 31.6 %
Q4 2007 98.21 27.2 % 71.85 21.2 % 62.00 46.1 %
Q1 2008 106.41 33.8 % 78.41 31.0 % 66.62 55.8 %
Q2 2008 126.15 48.2 % 89.09 36.6 % 77.54 59.5 %
Q3 2008 132.62 48.1 % 95.73 36.2 % 83.58 54.2 %
Q4 2008 131.66 34.1 % 92.68 29.0 % 80.24 29.4 %
Q1 2009 132.57 24.6 % 96.63 23.2 % 79.31 19.0 %
Q2 2009 121.96 (3.3 %) 91.54 2.7 % 78.72 1.5 %
Q3 2009 123.91 (6.6 %) 89.25 (6.8 %) 78.83 (5.7 %)
Q4 2009 126.84 (3.7 %) 89.19 (3.8 %) 76.38 (4.8 %)
Q1 2010 120.53 (9.1 %) 90.02 (6.8 %) 75.70 (4.6 %)
Q2 2010 120.31 (1.4 %) 94.16 2.9 % 74.75 (5.0 %)
Q3 2010 118.35 (4.5 %) 90.67 1.6 % 74.69 (5.3 %)
Q4 2010 125.37 (1.2 %) 94.67 6.2 % 74.25 (2.8 %)
Q1 2011 126.01 4.5 % 96.87 7.6 % 76.24 0.7 %
Q2 2011 129.54 7.7 % 99.15 5.3 % 79.82 6.8 %
Q3 2011 131.93 11.5 % 100.75 11.1 % 82.35 10.3 %
Q4 2011 138.66 10.6 % 105.58 11.5 % 84.81 14.2 %
Q1 2012 144.05 14.3 % 111.62 15.2 % 91.19 19.6 %
Q2 2012 151.90 17.3 % 117.58 18.6 % 94.74 18.7 %
Q3 2012 156.24 18.4 % 119.70 18.8 % 97.80 18.8 %
Q4 2012 156.65 13.0 % 120.43 14.1 % 96.10 13.3 %
Q1 2013 158.79 10.2 % 122.07 9.4 % 101.18 11.0 %

Ratios

Period Customer Deposits Per Total Assets Loans and advances/Total assets Loans and advances/Customers Deposits
Q1 2004 74.63 % 54.62 % 73.19 %
Q2 2004 78.58 % 55.96 % 71.21 %
Q3 2004 75.28 % 56.31 % 74.81 %
Q4 2004 77.11 % 54.60 % 70.81 %
Q1 2005 73.32 % 55.94 % 76.30 %
Q2 2005 73.49 % 58.55 % 79.68 %
Q3 2005 67.70 % 58.86 % 86.94 %
Q4 2005 73.62 % 61.96 % 84.16 %
Q1 2006 74.01 % 53.63 % 72.46 %
Q2 2006 75.72 % 53.75 % 70.98 %
Q3 2006 77.18 % 53.29 % 69.04 %
Q4 2006 76.77 % 54.99 % 71.64 %
Q1 2007 75.23 % 53.75 % 71.44 %
Q2 2007 76.64 % 57.13 % 74.54 %
Q3 2007 78.47 % 60.49 % 77.09 %
Q4 2007 73.16 % 63.13 % 86.29 %
Q1 2008 73.69 % 62.61 % 84.97 %
Q2 2008 70.62 % 61.47 % 87.04 %
Q3 2008 72.19 % 63.02 % 87.30 %
Q4 2008 70.39 % 60.94 % 86.58 %
Q1 2009 72.89 % 59.83 % 82.08 %
Q2 2009 75.06 % 64.55 % 86.00 %
Q3 2009 72.03 % 63.62 % 88.33 %
Q4 2009 70.32 % 60.22 % 85.64 %
Q1 2010 74.68 % 62.80 % 84.09 %
Q2 2010 78.26 % 62.13 % 79.39 %
Q3 2010 76.61 % 63.11 % 82.37 %
Q4 2010 75.51 % 59.22 % 78.43 %
Q1 2011 76.87 % 60.50 % 78.70 %
Q2 2011 76.54 % 61.62 % 80.50 %
Q3 2011 76.37 % 62.42 % 81.74 %
Q4 2011 76.14 % 61.17 % 80.33 %
Q1 2012 77.49 % 63.31 % 81.70 %
Q2 2012 77.40 % 62.37 % 80.57 %
Q3 2012 76.61 % 62.60 % 81.71 %
Q4 2012 76.88 % 61.34 % 79.79 %
Q1 2013 76.88 % 63.72 % 82.89 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2004 1,500.00 0.89 0.89 - 3.43
Q2 2004 1,500.00 1.01 1.01 - 3.37
Q3 2004 1,500.00 1.06 1.06 - 3.66
Q4 2004 1,500.00 1.10 1.10 - 3.59
Q1 2005 1,500.00 1.16 1.16 - 3.91
Q2 2005 1,500.00 1.34 1.34 - 4.09
Q3 2005 1,500.00 1.52 1.52 - 4.56
Q4 2005 1,500.00 1.67 1.67 - 5.00
Q1 2006 1,500.00 2.02 2.02 - 5.44
Q2 2006 1,500.00 2.08 2.08 - 5.92
Q3 2006 1,500.00 2.06 2.06 - 5.91
Q4 2006 1,500.00 2.03 2.03 - 6.27
Q1 2007 1,500.00 1.78 1.78 - 6.06
Q2 2007 1,500.00 1.65 1.65 - 6.44
Q3 2007 1,500.00 1.66 1.66 - 6.46
Q4 2007 1,500.00 1.74 1.74 - 6.95
Q1 2008 1,500.00 1.83 1.83 - 6.89
Q2 2008 1,500.00 1.94 1.94 - 7.28
Q3 2008 1,500.00 1.98 1.98 - 7.30
Q4 2008 1,500.00 1.95 1.95 - 7.76
Q1 2009 1,500.00 1.95 1.95 - 8.32
Q2 2009 1,500.00 1.87 1.87 - 8.73
Q3 2009 1,500.00 1.78 1.78 - 8.75
Q4 2009 1,500.00 1.35 1.35 - 8.70
Q1 2010 1,500.00 1.26 1.26 - 9.15
Q2 2010 1,500.00 1.11 1.11 - 9.48
Q3 2010 1,500.00 1.01 1.01 - 9.87
Q4 2010 1,500.00 1.26 1.26 - 10.11
Q1 2011 1,500.00 1.34 1.34 - 10.15
Q2 2011 1,500.00 1.61 1.61 - 10.65
Q3 2011 1,500.00 1.75 1.75 - 10.97
Q4 2011 1,500.00 1.93 1.93 - 11.44
Q1 2012 1,500.00 1.99 1.99 - 11.79
Q2 2012 1,500.00 2.04 2.04 - 12.31
Q3 2012 1,500.00 2.05 2.05 - 12.80
Q4 2012 1,500.00 2.16 2.16 - 13.38
Q1 2013 1,500.00 2.22 2.22 - 13.35

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 24.55 24.55 6.41
Q2 2004 23.70 23.70 7.14
Q3 2004 28.94 28.94 8.38
Q4 2004 33.56 33.56 10.26
Q1 2005 39.24 39.24 11.65
Q2 2005 44.57 44.57 14.63
Q3 2005 39.15 39.15 13.04
Q4 2005 45.19 45.19 15.10
Q1 2006 36.96 36.96 13.75
Q2 2006 30.85 30.85 10.81
Q3 2006 29.21 29.21 10.17
Q4 2006 19.94 19.94 6.45
Q1 2007 22.37 22.37 6.58
Q2 2007 19.44 19.44 5.00
Q3 2007 21.48 21.48 5.52
Q4 2007 28.25 28.25 7.06
Q1 2008 26.38 26.38 7.01
Q2 2008 25.86 25.86 6.88
Q3 2008 19.43 19.43 5.27
Q4 2008 15.23 15.23 3.82
Q1 2009 17.58 17.58 4.12
Q2 2009 16.79 16.79 3.59
Q3 2009 20.50 20.50 4.16
Q4 2009 21.99 21.99 3.43
Q1 2010 26.22 26.22 3.62
Q2 2010 26.00 26.00 3.04
Q3 2010 31.67 31.67 3.23
Q4 2010 22.04 22.04 2.74
Q1 2011 23.01 23.01 3.04
Q2 2011 17.88 17.88 2.71
Q3 2011 15.43 15.43 2.47
Q4 2011 14.51 14.51 2.44
Q1 2012 16.71 16.71 2.83
Q2 2012 14.62 14.62 2.42
Q3 2012 13.52 13.52 2.17
Q4 2012 12.64 12.64 2.04
Q1 2013 13.68 13.68 2.28

Business Segments (Million)

Compared With The
Period Corporate and Institutional Banking Retail Global markets and Treasury Securities Others
Q1 2004 107.16 244.58 95.78 - 125.97
Q2 2004 112.80 252.34 109.12 - 224.47
Q3 2004 212.74 570.48 197.71 - -
Q4 2004 174.19 368.36 119.87 - -
Q1 2005 153.08 420.23 132.84 - -
Q2 2005 286.59 672.43 75.85 - -
Q3 2005 164.12 746.17 105.02 - -
Q4 2005 285.33 710.01 68.72 - -
Q1 2006 297.67 985.65 137.47 - -
Q2 2006 377.92 781.46 47.52 - -
Q3 2006 288.68 604.10 110.72 - -
Q4 2006 426.79 423.07 135.66 - -
Q1 2007 403.73 526.23 97.92 - -
Q2 2007 468.62 461.87 96.50 - -
Q3 2007 471.21 507.67 121.17 - -
Q4 2007 361.44 376.93 150.20 330.47 -
Q1 2008 388.18 591.82 77.52 133.87 -
Q2 2008 532.90 473.54 205.10 118.81 -
Q3 2008 454.16 447.31 177.94 98.17 -
Q4 2008 514.04 419.85 204.33 - -
Q1 2009 524.07 484.36 227.29 - 50.53
Q2 2009 618.77 503.04 189.35 - 71.74
Q3 2009 593.76 467.23 196.41 - 47.08
Q4 2009 484.74 441.71 208.05 - 52.15
Q1 2010 511.21 403.76 246.58 - 43.56
Q2 2010 699.00 384.04 229.58 - 47.16
Q3 2010 541.00 398.51 192.05 - 26.62
Q4 2010 514.65 358.22 200.68 - 42.80
Q1 2011 549.66 350.78 274.21 - 44.85
Q2 2011 666.38 327.14 297.10 - 57.17
Q3 2011 602.41 366.71 240.40 - -
Q4 2011 551.92 352.28 217.57 - -
Q1 2012 584.90 381.97 268.17 - -
Q2 2012 671.08 414.83 291.82 - -
Q3 2012 639.95 409.91 275.63 - -
Q4 2012 572.92 398.00 257.30 - -
Q1 2013 669.42 449.73 318.40 - -


Financial Ratios
Current
Market Cap (M Riyal) 65,034.42
Shares Outstanding ((M)) 2,054.80
EPS ( Riyal) (TTM) 3.80
EPS Diluted ( Riyal) (TTM) 3.68
Book Value (BV) ( Riyal) 29.29
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 8.34
P/E (TTM) 8.34
Price/book 1.08
Return on Average Assets (%) (TTM) 2.1
Return on Average Equity (%) (TTM) 13.5
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Share Price

Saudi Awwal Bank
31.65
(0.05) (0.16 %)

Saudi Awwal Bank (SAB)

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