Financial Results : SABB turns to profit of SAR 1.889 bln in H1 2021

SABB turns to profit of SAR 1.889 bln in H1 2021

04/08/2021 Argaam Exclusive

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Saudi British Bank (SABB) turned to a net profit of SAR 1.889 billion in H1 2021, against a net loss of SAR 5.896 billion in the year-earlier period. 



Financials (M)

Item 6m 2020 6m 2021 Change‬
Net Special Commission Income 3,717.71 2,894.09 (22.2 %)
Operating Income 4,686.99 3,944.16 (15.8 %)
Total Provisions (1547.85) (27.25) 98.2 %
Net Income (5887.26) 1,892.21 132.1 %
Average Shares 2,054.80 2,054.80 -
EPS (Riyals) (2.87) 0.92 132.1 %
EPS Diluted (Riyals) (2.87) 0.92 132.1 %

The earnings were primarily driven by lower provision for expected credit losses and total operating expenses, as the bank set aside the one-off impact of the goodwill impairment of SAR 7.418 billion recorded in the same period last year. However, this was partially offset by a decrease in total operating income due to a 22% decline in net special income. 

  

Total operating expenses fell on lower salaries and employee-related costs, as well as general and administrative expenses. The bank also recorded an increase in depreciation and amortization expenses. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Net Special Commission Income 1,815.14 1,467.28 (19.2 %)
Operating Income 2,318.10 1,946.78 (16.0 %)
Debt Provisions (1308.78) (25.58) 98.0 %
Net Income (6862.85) 918.50 113.4 %
Average Shares 2,054.80 2,054.80 -
EPS (Riyals) (3.34) 0.45 113.4 %
EPS Diluted (Riyal) (3.34) 0.45 113.5 %

The bank swung to a net profit of SAR 919 million in Q2 2021, against a net loss of SAR 6.867 billion in Q2 2020, due to lower provision for expected credit losses and total operating expenses. 

 

On a sequential basis, SABB’s net profit declined 5.3% on the back of lower total operating income, decline in earnings from associates and higher provision for expected credit losses. 

Balance Sheet (B)

Item 6m 2020 6m 2021 Change‬
Assets 266.99 272.94 2.2 %
Customer Deposits 188.36 186.83 (0.8 %)
Loan 152.95 161.44 5.6 %

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