Financial Results : SABB’s Q1 profit rises 2% to SAR 1.14 bln

SABB’s Q1 profit rises 2% to SAR 1.14 bln

12/04/2016 Argaam Exclusive

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Saudi British Bank (SABB), Saudi Arabia's fifth-largest listed bank, reported a net profit of SAR 1.14 billion for the first quarter of 2016, a 2.4 percent year-on-year (YoY) rise attributed to an increase in net income and higher total operating income.

 

Profit for Q1 was 22 percent higher compared to the previous quarter as total operating income rose as a result of higher net special commission income, fee and commission income, trading income, and gain on sale of non-trading investments.



Current Quarter Comparison (M)

Compared With The
Item Q1 2015 Q1 2016 Change‬
Net Special Commission Income 1,031.46 1,116.67 8.3 %
Operating Income 1,717.18 1,795.56 4.6 %
Debt Provisions (115.59) (144.97) (25.4 %)
Net Income 1,115.19 1,141.68 2.4 %
Average Shares 1,500.00 1,500.00 -
EPS (Riyals) 0.74 0.76 2.4 %

Balance Sheet (B)

Item 3m 2015 3m 2016 Change‬
Assets 190.16 191.79 0.9 %
Customer Deposits 149.00 151.88 1.9 %
Loan 120.43 130.56 8.4 %


Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Debt Provisions Change
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 %)
Q2 2013 938.92 13.6 % 1,501.66 9.0 % (105.81) 7.4 %
Q3 2013 949.92 12.9 % 1,474.03 11.2 % (214.80) 25.3 %
Q4 2013 945.22 15.2 % 1,400.43 14.0 % 51.01 8955.9 %
Q1 2014 960.58 8.5 % 1,620.94 12.8 % (117.59) (12.4 %)
Q2 2014 1,008.65 7.4 % 1,663.75 10.8 % (81.37) 23.1 %
Q3 2014 1,029.46 8.4 % 1,654.60 12.3 % (157.78) 26.5 %
Q4 2014 1,063.92 12.6 % 1,562.92 11.6 % (93.07) (282.4 %)
Q1 2015 1,031.46 7.4 % 1,717.18 5.9 % (115.59) 1.7 %
Q2 2015 1,067.05 5.8 % 1,674.98 0.7 % (113.05) (38.9 %)
Q3 2015 1,079.01 4.8 % 1,689.26 2.1 % (88.00) 44.2 %
Q4 2015 1,076.35 1.2 % 1,549.21 (0.9 %) (113.08) (21.5 %)
Q1 2016 1,116.67 8.3 % 1,795.56 4.6 % (144.97) (25.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q2 2013 1,004.67 9.8 % 0.67 - 1,004.67 0.67
Q3 2013 845.78 29.0 % 0.56 - 845.78 0.56
Q4 2013 975.51 19.6 % 0.65 - 975.51 0.65
Q1 2014 1,080.53 14.0 % 0.72 - 1,080.53 0.72
Q2 2014 1,157.23 15.2 % 0.77 - 1,157.23 0.77
Q3 2014 1,058.96 25.2 % 0.71 - 1,058.96 0.71
Q4 2014 969.35 (0.6 %) 0.65 - 969.35 0.65
Q1 2015 1,115.19 3.2 % 0.74 - 1,115.19 0.74
Q2 2015 1,137.26 (1.7 %) 0.76 - 1,137.26 0.76
Q3 2015 1,139.56 7.6 % 0.76 - 1,139.56 0.76
Q4 2015 938.54 (3.2 %) 0.63 - 938.54 0.63
Q1 2016 1,141.68 2.4 % 0.76 - 1,141.68 0.76

Profitability

Period Return On Average Assets Return on Average Equity Net Interest Income/Total Operating Income
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 %
Q2 2013 2.18 % 17.36 % 63.47 %
Q3 2013 2.24 % 17.58 % 63.72 %
Q4 2013 2.26 % 17.59 % 63.98 %
Q1 2014 2.34 % 18.15 % 63.28 %
Q2 2014 2.41 % 17.99 % 62.74 %
Q3 2014 2.45 % 18.06 % 62.21 %
Q4 2014 2.34 % 17.45 % 62.48 %
Q1 2015 2.35 % 17.51 % 62.64 %
Q2 2015 2.33 % 16.66 % 63.42 %
Q3 2015 2.29 % 16.52 % 63.84 %
Q4 2015 2.31 % 15.97 % 64.15 %
Q1 2016 2.28 % 15.92 % 64.68 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
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 %
Q2 2013 161.94 6.6 % 125.89 7.1 % 106.00 11.9 %
Q3 2013 166.28 6.4 % 129.92 8.5 % 107.83 10.3 %
Q4 2013 177.30 13.2 % 138.96 15.4 % 106.11 10.4 %
Q1 2014 175.42 10.5 % 136.98 12.2 % 109.90 8.6 %
Q2 2014 175.47 8.4 % 138.30 9.9 % 112.71 6.3 %
Q3 2014 182.96 10.0 % 143.69 10.6 % 116.67 8.2 %
Q4 2014 187.61 5.8 % 145.87 5.0 % 115.22 8.6 %
Q1 2015 190.16 8.4 % 149.00 8.8 % 120.43 9.6 %
Q2 2015 192.33 9.6 % 151.10 9.3 % 126.96 12.6 %
Q3 2015 197.20 7.8 % 155.85 8.5 % 129.57 11.1 %
Q4 2015 187.75 0.1 % 148.89 2.1 % 125.95 9.3 %
Q1 2016 191.79 0.9 % 151.88 1.9 % 130.56 8.4 %

Ratios

Period Customer Deposits Per Total Assets Loans and advances/Total assets Loans and advances/Customers Deposits
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 %
Q2 2013 77.74 % 65.46 % 84.20 %
Q3 2013 78.13 % 64.85 % 83.00 %
Q4 2013 78.38 % 59.85 % 76.36 %
Q1 2014 78.09 % 62.65 % 80.23 %
Q2 2014 78.82 % 64.23 % 81.50 %
Q3 2014 78.54 % 63.77 % 81.20 %
Q4 2014 77.75 % 61.42 % 78.99 %
Q1 2015 78.36 % 63.33 % 80.83 %
Q2 2015 78.57 % 66.01 % 84.02 %
Q3 2015 79.03 % 65.71 % 83.14 %
Q4 2015 79.30 % 67.08 % 84.59 %
Q1 2016 79.19 % 68.07 % 85.97 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
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
Q2 2013 1,500.00 2.28 2.28 - 13.99
Q3 2013 1,500.00 2.41 2.41 - 14.60
Q4 2013 1,500.00 2.52 2.52 - 15.22
Q1 2014 1,500.00 2.60 2.60 - 15.35
Q2 2014 1,500.00 2.71 2.71 - 16.10
Q3 2014 1,500.00 2.85 2.85 - 16.93
Q4 2014 1,500.00 2.84 2.84 - 17.38
Q1 2015 1,500.00 2.87 2.87 - 17.40
Q2 2015 1,500.00 2.85 2.85 - 18.17
Q3 2015 1,500.00 2.91 2.91 - 18.27
Q4 2015 1,500.00 2.89 2.89 - 18.78
Q1 2016 1,500.00 2.90 2.90 - 19.09

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2013 14.84 14.84 2.42
Q3 2013 14.71 14.71 2.43
Q4 2013 15.97 15.97 2.64
Q1 2014 16.48 16.48 2.80
Q2 2014 16.40 16.40 2.76
Q3 2014 19.64 19.64 3.30
Q4 2014 18.74 18.74 3.07
Q1 2015 15.36 15.36 2.53
Q2 2015 15.94 15.94 2.50
Q3 2015 13.15 13.15 2.09
Q4 2015 11.74 11.74 1.81
Q1 2016 10.71 10.71 1.63

Business Segments (Million)

Compared With The
Period Corporate and Institutional Banking Retail Global markets and Treasury Securities Others
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 - -
Q2 2013 721.59 513.72 266.36 - -
Q3 2013 682.97 488.19 302.87 - -
Q4 2013 637.47 478.87 285.81 - -
Q1 2014 765.86 523.73 331.36 - -
Q2 2014 775.98 566.57 321.20 - -
Q3 2014 737.30 591.36 325.94 - -
Q4 2014 713.87 566.28 282.77 - -
Q1 2015 764.09 556.61 396.48 - -
Q2 2015 719.96 610.16 344.86 - -
Q3 2015 793.40 573.68 322.18 - -
Q4 2015 692.91 571.24 285.06 - -
Q1 2016 809.69 567.45 418.42 - -

Analysts Estimates (Million)

Item Q1 2016 (e) Q1 2016 (a) Change‬
Average 1,054.88 1,141.68 8.23 %

Estimates vs Actual (Million)

Item Q1 2016 (e) Q1 2016 (a) Change
SFC 1,168.00 1,141.68 (2.3) %
Riyad Capital 1,070.00 1,141.68 6.7 %
SNB Capital 1,043.00 1,141.68 9.5 %
Alistithmar Capital 938.50 1,141.68 21.6 %


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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