SABB profit drops 8% to SAR 1.02 bln in Q1 2020

17/05/2020 Argaam Exclusive

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Saudi British Bank (SABB) reported a decline of 8% year-on-year (YoY) in net profit to SAR 1.022 billion for Q1 2020, compared to SAR 1.106 billion in year-earlier period.

The drop was attributed to higher operating expenses on Alawwal Bank merger, and higher credit loss provisions.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2019	Q1 2020	Change‬
Net Special Commission Income	1,486.94	1,902.58	28.0 %
Operating Income	1,970.01	2,368.89	20.2 %
Debt Provisions	(90.78)	(239.07)	(163.4 %)
Net Income	1,108.55	975.59	(12.0 %)
Average Shares	1,916.10	2,054.80	7.2 %
EPS (Riyals)	0.58	0.47	(17.9 %)

Item	Q4 2019	Q1 2020	Change‬
Net Special Commission Income	1,998.49	1,902.58	(4.8 %)
Operating Income	2,563.05	2,368.89	(7.6 %)
Debt Provisions	(636.70)	(239.07)	62.5 %
Net Income	660.10	975.59	47.8 %
Average Shares	1,916.10	2,054.80	7.2 %
EPS (Riyals)	0.34	0.47	37.8 %

When compared to Q4 2019, net profit climbed 13.7%, driven by a decline in credit loss provisions and operating expenses.

Balance Sheet (B)

Item	3m 2019	3m 2020	Change‬
Assets	173.78	265.69	52.9 %
Customer Deposits	127.24	188.28	48.0 %
Loan	110.36	155.18	40.6 %

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