SABB turns to profit of SAR 2.778 bln in 9M 2021

28/10/2021 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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.

Balance Sheet (B)

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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