Samba posts 5% growth in 2020 net profit to SAR 4.204 bln

17/02/2021 Argaam Exclusive

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Samba Financial Group reported a net profit of SAR 4.204 billion in 2020, a rise of 5% from SAR 3.991 billion in 2019.

The bank attributed the profit growth to a 9.6% year-on-year (YoY) increase in operating income, driven by gains on FVOCI debt, trading income, income from investments held at FVIS and exchange income, partially offset by decrease in special commission income.

On the other hand, total operating expenses increased by 13.2% YoY, mainly due to higher salaries and employee related expenses, depreciation, other general and administrative expenses and provisions for credit impairment.

Zakat and tax expense also increased in 2020.

Financials (M)

Item	2019	2020	Change‬
Net Special Commission Income	6,376.65	5,672.42	(11.0 %)
Operating Income	8,600.35	9,425.10	9.6 %
Total Provisions	(1103.04)	(1399.84)	(26.9 %)
Net Income	3,984.30	4,200.82	5.4 %
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	1.99	2.10	5.4 %

In Q4 2020, the bank posted a net profit of SAR 744.5 million, a decline of 3% YoY.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Net Special Commission Income	1,559.40	1,341.83	(14.0 %)
Operating Income	2,038.55	2,178.41	6.9 %
Debt Provisions	(231.14)	(499.99)	(116.3 %)
Net Income	760.14	744.41	(2.1 %)
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.38	0.37	(2.1 %)

Item	Q3 2020	Q4 2020	Change‬
Net Special Commission Income	1,377.18	1,341.83	(2.6 %)
Operating Income	2,456.51	2,178.41	(11.3 %)
Debt Provisions	(254.33)	(499.99)	(96.6 %)
Net Income	1,229.90	744.41	(39.5 %)
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.61	0.37	(39.5 %)

Balance Sheet (B)

Item	2019	2020	Change‬
Assets	259.53	296.95	14.4 %
Customer Deposits	180.17	207.71	15.3 %
Loan	141.60	156.02	10.2 %

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