Saudi British Bank (SABB) swung to a net profit of SAR 2.778 billion in the first nine months of 2021 compared to a net loss SAR 4.837 billion in the year-earlier period.
The earnings were primarily driven by lower provision for expected credit losses and total operating expenses, along with a rise in the profit of associates.
Total operating expenses fell on lower salaries and employee-related costs, as well as general and administrative expenses. The bank also recorded a decline in depreciation and amortization expenses, thanks to its continued success in cost reduction efficiency.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Net Special Commission Income | 5,375.28 | 4,300.78 | (20.0 %) |
| Operating Income | 6,828.35 | 5,872.85 | (14.0 %) |
| Total Provisions | (1598.95) | (40.24) | 97.5 % |
| Net Income | (4837.27) | 2,777.51 | 157.4 % |
| Average Shares | 2,054.80 | 2,054.80 | - |
| EPS (Riyals) | (2.35) | 1.35 | 157.4 % |
| EPS Diluted (Riyals) | (2.35) | 1.35 | 157.4 % |
On the other hand, total operating income decreased on a 20% year-on-year (YoY) drop in net commission income.
SABB reported a net profit of SAR 885 million for Q3 2021, a drop of 16% from SAR 1.049 billion a year earlier.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,657.57 | 1,406.69 | (15.1 %) |
| Operating Income | 2,141.36 | 1,935.43 | (9.6 %) |
| Debt Provisions | (51.10) | (13.00) | 74.6 % |
| Net Income | 1,049.99 | 885.30 | (15.7 %) |
| Average Shares | 2,054.80 | 2,054.80 | - |
| EPS (Riyals) | 0.51 | 0.43 | (15.7 %) |
| EPS Diluted (Riyal) | 0.51 | 0.43 | (15.7 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,467.28 | 1,406.69 | (4.1 %) |
| Operating Income | 1,946.78 | 1,935.43 | (0.6 %) |
| Debt Provisions | (25.58) | (13.00) | 49.2 % |
| Net Income | 918.50 | 885.30 | (3.6 %) |
| Average Shares | 2,054.80 | 2,054.80 | - |
| EPS (Riyals) | 0.45 | 0.43 | (3.6 %) |
| EPS Diluted (Riyal) | 0.45 | 0.43 | (4.4 %) |
On a sequential basis, the third-quarter net profit declined 8.3% from SAR 1.132 billion in the previous quarter.
Total shareholders’ equity, excluding minority interests, stood at SAR 52.499 billion as of Sept. 30, 2021, growing by 5.67% from SAR 49.680 billion a year earlier.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Assets | 263.96 | 269.55 | 2.1 % |
| Customer Deposits | 180.20 | 180.25 | 0.0 % |
| Loan | 151.89 | 163.50 | 7.6 % |
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