SABB turns to net profit of SAR 3.202 bln in 2021; Q4 earnings at SAR 427 mln

16/02/2022 Argaam Exclusive

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Saudi British Bank (SABB) turned to a net profit of SAR 3.202 billion in 2021, from a net loss of SAR 4.168 billion a year earlier.

Financials (M)

Item	2020	2021	Change‬
Net Special Commission Income	6,872.71	5,717.22	(16.8 %)
Operating Income	8,877.97	7,678.36	(13.5 %)
Total Provisions	(1630.93)	(453.74)	72.2 %
Net Income	(4155.39)	3,204.43	177.1 %
Average Shares	2,054.80	2,054.80	-
EPS (Riyals)	(2.02)	1.56	177.1 %
EPS Diluted (Riyals)	(2.02)	1.56	177.2 %

The profit was driven primarily by setting aside the one-off impact of SAR 7.418 billion in goodwill impairment. It was backed by lower provision for expected credit losses, total operating expenses, and an increase in share in earnings of associates.

This was partially offset by a decrease in total operating income due to lower net special income by 17%.

Total operating expenses decreased due to continued success in efficiency creation in terms of cost reduction.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Net Special Commission Income	1,497.43	1,416.44	(5.4 %)
Operating Income	2,049.61	1,805.51	(11.9 %)
Debt Provisions	(31.98)	(413.50)	(1,192.8 %)
Net Income	681.88	426.92	(37.4 %)
Average Shares	2,054.80	2,054.80	-
EPS (Riyals)	0.33	0.21	(37.4 %)
EPS Diluted (Riyal)	0.33	0.21	(36.4 %)

Item	Q3 2021	Q4 2021	Change‬
Net Special Commission Income	1,406.69	1,416.44	0.7 %
Operating Income	1,935.43	1,805.51	(6.7 %)
Debt Provisions	(13.00)	(413.50)	(3,081.8 %)
Net Income	885.30	426.92	(51.8 %)
Average Shares	2,054.80	2,054.80	-
EPS (Riyals)	0.43	0.21	(51.8 %)
EPS Diluted (Riyal)	0.43	0.21	(51.2 %)

Q4 2021 net profit dropped 37% year-on-year (YoY) to SAR 427 million.

Shareholders' equity, excluding minority rights, at the end of the period amounted to SAR 52.926 billion, compared to SAR 50.657 billion at the end of the same period last year.

Balance Sheet (B)

Item	2020	2021	Change‬
Assets	276.45	272.40	(1.5 %)
Customer Deposits	189.11	186.76	(1.2 %)
Loan	153.24	167.56	9.3 %

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