SABB turns to SAR 4.168 bln loss in 2020

24/02/2021 Argaam Exclusive

View other reports

Saudi British Bank (SABB) incurred net loss of SAR 4.168 billion in 2020, versus net profit of SAR 2.736 billion a year earlier.

The loss was driven primarily by SAR 7.418 billion in goodwill impairment – a one-time accounting loss that does not affect the bank's capital, liquidity, or funding, the lender said, adding that its credit portfolio, products and services remain unaffected.

The goodwill was recognised following the merger of SABB and Alawwal Bank in June 2019.

Aside from the one-off impact goodwill impairment, the net income after Zakat and tax increased by SAR 514 million in 2020 due to lower credit loss provisions.

Total operating expenses increased due to higher general and administrative expenses, depreciation and amortisation, and employee-related expenses pertaining to the merger.

Financials (M)

Item	2019	2020	Change‬
Net Special Commission Income	7,179.63	6,872.71	(4.3 %)
Operating Income	9,213.32	8,877.97	(3.6 %)
Total Provisions	(2501.18)	(1630.93)	34.8 %
Net Income	2,754.26	(4155.39)	(250.9 %)
Average Shares	1,916.10	2,054.80	7.2 %
EPS (Riyals)	1.44	(2.02)	(240.7 %)

Q4 2020 net profit dropped 15% year-on-year (YoY) to SAR 652.3 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Net Special Commission Income	1,998.49	1,497.43	(25.1 %)
Operating Income	2,563.05	2,049.61	(20.0 %)
Debt Provisions	(636.70)	(31.98)	95.0 %
Net Income	660.10	681.88	3.3 %
Average Shares	1,916.10	2,054.80	7.2 %
EPS (Riyals)	0.34	0.33	(3.7 %)

Item	Q3 2020	Q4 2020	Change‬
Net Special Commission Income	1,657.57	1,497.43	(9.7 %)
Operating Income	2,141.36	2,049.61	(4.3 %)
Debt Provisions	(51.10)	(31.98)	37.4 %
Net Income	1,049.99	681.88	(35.1 %)
Average Shares	2,054.80	2,054.80	-
EPS (Riyals)	0.51	0.33	(35.1 %)
EPS Diluted (Riyal)	0.51	0.33	(35.3 %)

Balance Sheet (B)

Item	2019	2020	Change‬
Assets	265.99	276.45	3.9 %
Customer Deposits	192.17	189.11	(1.6 %)
Loan	152.08	153.24	0.8 %

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×