Financial Results : SABB posts 24% profit rise in Q1

SABB posts 24% profit rise in Q1

29/04/2019 Argaam Exclusive

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Saudi British Bank (SABB) reported a net profit of SAR 1.3 billion for the first quarter of 2019, up 23.77 percent year-on-year (YoY), due to an 11.8 percent rise in gross operating income, higher net special commission income, and lower total operating expenses.

When compared to the previous quarter, net profit increased by 6.2 percent, on higher operating income.



Current Quarter Comparison (M)

Compared With The
Item Q1 2018 Q1 2019 Change‬
Net Special Commission Income 1,322.55 1,486.94 12.4 %
Operating Income 1,761.65 1,970.01 11.8 %
Debt Provisions (207.25) (90.78) 56.2 %
Net Income 975.40 1,108.55 13.7 %
Average Shares 1,500.00 1,916.10 27.7 %
EPS (Riyals) 0.65 0.58 (11.0 %)

Balance Sheet (B)

Item 3m 2018 3m 2019 Change‬
Assets 182.62 173.78 (4.8 %)
Customer Deposits 135.39 127.24 (6.0 %)
Loan 116.49 110.36 (5.3 %)


Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Debt Provisions Change
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 %)
Q2 2016 1,181.84 10.8 % 1,761.11 5.1 % (103.29) 8.6 %
Q3 2016 1,222.36 13.3 % 1,687.30 (0.1 %) (189.53) (115.4 %)
Q4 2016 1,236.05 14.8 % 1,664.64 7.5 % (506.78) (348.2 %)
Q1 2017 1,250.65 12.0 % 1,824.07 1.6 % (226.29) (56.1 %)
Q2 2017 1,284.32 8.7 % 1,800.61 2.2 % (164.90) (59.7 %)
Q3 2017 1,258.28 2.9 % 1,763.89 4.5 % (168.78) 10.9 %
Q4 2017 1,304.64 5.5 % 1,738.34 4.4 % (441.85) 12.8 %
Q1 2018 1,322.55 5.7 % 1,761.65 (3.4 %) (207.25) 8.4 %
Q2 2018 1,390.51 8.3 % 1,868.53 3.8 % 90.82 155.1 %
Q3 2018 1,413.74 12.4 % 1,861.35 5.5 % (87.02) 48.4 %
Q4 2018 1,450.53 11.2 % 1,831.32 5.3 % (55.58) 87.4 %
Q1 2019 1,486.94 12.4 % 1,970.01 11.8 % (90.78) 56.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q2 2016 1,151.65 1.3 % 0.77 - 1,151.65 0.77
Q3 2016 994.82 (12.7 %) 0.66 - 994.82 0.66
Q4 2016 606.58 (35.4 %) 0.40 - 606.58 0.40
Q1 2017 1,035.98 (9.3 %) 0.69 - 1,035.98 0.69
Q2 2017 1,129.16 (2.0 %) 0.75 - 1,129.16 0.75
Q3 2017 1,083.32 8.9 % 0.72 - 1,083.32 0.72
Q4 2017 706.11 16.4 % 0.47 - 706.11 0.47
Q1 2018 975.40 (5.8 %) 0.65 - 975.40 0.65
Q2 2018 832.59 (26.3 %) 0.56 - 832.59 0.56
Q3 2018 1,061.37 (2.0 %) 0.71 - 1,061.37 0.71
Q4 2018 (153.92) (121.8 %) (0.10) (1053.40) 899.48 0.60
Q1 2019 1,108.55 13.7 % 0.58 (58.00) 1,166.55 0.61

Profitability

Period Return On Average Assets Return on Average Equity Net Interest Income/Total Operating Income
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 %
Q2 2016 2.28 % 15.32 % 65.54 %
Q3 2016 2.21 % 14.69 % 67.67 %
Q4 2016 2.08 % 13.10 % 68.85 %
Q1 2017 2.01 % 12.51 % 70.50 %
Q2 2017 2.01 % 12.04 % 71.57 %
Q3 2017 2.11 % 12.26 % 71.31 %
Q4 2017 2.12 % 12.24 % 71.53 %
Q1 2018 2.12 % 12.22 % 73.18 %
Q2 2018 1.97 % 10.95 % 73.97 %
Q3 2018 2.02 % 10.90 % 75.13 %
Q4 2018 1.50 % 8.25 % 76.16 %
Q1 2019 1.60 % 8.66 % 76.24 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
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 %
Q2 2016 191.87 (0.2 %) 150.27 (0.6 %) 131.10 3.3 %
Q3 2016 185.90 (5.7 %) 144.08 (7.5 %) 125.87 (2.9 %)
Q4 2016 186.06 (0.9 %) 140.64 (5.5 %) 120.96 (4.0 %)
Q1 2017 185.26 (3.4 %) 141.57 (6.8 %) 119.49 (8.5 %)
Q2 2017 182.52 (4.9 %) 138.31 (8.0 %) 117.88 (10.1 %)
Q3 2017 179.48 (3.5 %) 134.57 (6.6 %) 116.69 (7.3 %)
Q4 2017 187.62 0.8 % 140.24 (0.3 %) 117.01 (3.3 %)
Q1 2018 182.62 (1.4 %) 135.39 (4.4 %) 116.49 (2.5 %)
Q2 2018 183.13 0.3 % 132.93 (3.9 %) 113.36 (3.8 %)
Q3 2018 175.05 (2.5 %) 129.33 (3.9 %) 112.13 (3.9 %)
Q4 2018 174.68 (6.9 %) 130.51 (6.9 %) 110.33 (5.7 %)
Q1 2019 173.78 (4.8 %) 127.24 (6.0 %) 110.36 (5.3 %)

Ratios

Period Customer Deposits Per Total Assets Loans and advances/Total assets Loans and advances/Customers Deposits
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 %
Q2 2016 78.32 % 68.33 % 87.24 %
Q3 2016 77.50 % 67.71 % 87.36 %
Q4 2016 75.59 % 65.02 % 86.01 %
Q1 2017 76.42 % 64.50 % 84.40 %
Q2 2017 75.78 % 64.59 % 85.23 %
Q3 2017 74.97 % 65.01 % 86.71 %
Q4 2017 74.75 % 62.36 % 83.43 %
Q1 2018 74.14 % 63.79 % 86.04 %
Q2 2018 72.59 % 61.90 % 85.28 %
Q3 2018 73.88 % 64.06 % 86.70 %
Q4 2018 74.71 % 63.16 % 84.54 %
Q1 2019 73.22 % 63.50 % 86.73 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
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
Q2 2016 1,500.00 2.91 2.91 - 19.87
Q3 2016 1,500.00 2.82 2.82 - 20.10
Q4 2016 1,500.00 2.60 2.60 - 20.85
Q1 2017 1,500.00 2.53 2.53 - 21.30
Q2 2017 1,500.00 2.51 2.51 - 21.83
Q3 2017 1,500.00 2.57 2.57 - 21.83
Q4 2017 1,500.00 2.64 2.64 - 22.23
Q1 2018 1,500.00 2.60 2.60 - 21.18
Q2 2018 1,500.00 2.40 2.40 - 21.98
Q3 2018 1,500.00 2.38 2.38 - 21.89
Q4 2018 1,500.00 1.81 2.51 - 21.64
Q1 2019 1,916.10 1.49 2.07 - 22.67

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2016 9.55 9.55 1.40
Q3 2016 9.03 9.03 1.27
Q4 2016 13.19 13.19 1.64
Q1 2017 12.26 12.26 1.45
Q2 2017 14.63 14.63 1.68
Q3 2017 14.44 14.44 1.70
Q4 2017 14.03 14.03 1.66
Q1 2018 16.53 16.53 2.03
Q2 2018 18.02 18.02 1.97
Q3 2018 18.39 18.39 2.00
Q4 2018 24.71 17.80 2.07
Q1 2019 27.27 19.61 2.28

Business Segments (Million)

Compared With The
Period Corporate and Institutional Banking Retail Global markets and Treasury Securities Others
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 - -
Q2 2016 816.05 596.58 348.48 - -
Q3 2016 744.91 605.70 298.85 - 37.84
Q4 2016 769.26 588.11 307.27 - -
Q1 2017 820.93 629.32 373.81 - -
Q2 2017 813.48 648.25 317.88 - -
Q3 2017 782.34 651.12 298.94 - 31.50
Q4 2017 802.81 638.75 296.78 - -
Q1 2018 837.17 636.19 297.53 - (9.24)
Q2 2018 858.65 676.74 297.90 - 35.24
Q3 2018 859.33 660.93 305.03 - 36.06
Q4 2018 884.78 649.51 299.50 - (2.47)
Q1 2019 974.49 665.28 287.07 - 43.18


Financial Ratios
Current
Market Cap (M Riyal) 65,548.12
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) 8.40
P/E (TTM) 8.40
Price/book 1.09
Return on Average Assets (%) (TTM) 2.1
Return on Average Equity (%) (TTM) 13.5
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Share Price

Saudi Awwal Bank
31.90
0.15 0.47 %

Saudi Awwal Bank (SAB)

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