Samba’s net profit rises 12% to SAR 2.22 bln in H1 2020

05/08/2020 Argaam Exclusive

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Samba Financial Group reported a net profit of SAR 2.229 billion for H1 2020, an increase of 12% year-on-year (YoY), driven by a 9.7% YoY rise in operating income, due to higher gains on fair value through other comprehensive income (FVOCI) debt, exchange income, trading income as well as fee and commission income.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Net Special Commission Income	3,253.49	2,953.40	(9.2 %)
Operating Income	4,366.56	4,790.18	9.7 %
Total Provisions	(781.73)	(645.52)	17.4 %
Net Income	1,998.91	2,226.51	11.4 %
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	1.00	1.11	11.4 %

The second quarter net profit grew by 2% YoY to SAR 955 million, thanks to an 8.6% increase in operating income, due to higher gains on FVOCI debt, exchange income, trading income as well as fee and commission income.

When compared to Q1 2020, net profit dropped 25% hit by a decrease of 11% and 3% in special commission income, and operating income, respectively. This led to a decline in income from fair value through income statement (FVIS) investments.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Net Special Commission Income	1,607.62	1,390.95	(13.5 %)
Operating Income	2,171.29	2,359.08	8.6 %
Debt Provisions	(460.81)	(462.89)	(0.5 %)
Net Income	934.18	953.45	2.1 %
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.47	0.48	2.1 %

Item	Q1 2020	Q2 2020	Change‬
Net Special Commission Income	1,562.45	1,390.95	(11.0 %)
Operating Income	2,431.10	2,359.08	(3.0 %)
Debt Provisions	(182.64)	(462.89)	(153.4 %)
Net Income	1,273.06	953.45	(25.1 %)
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.64	0.48	(25.1 %)

Balance Sheet (B)

Item	6m 2019	6m 2020	Change‬
Assets	235.55	279.26	18.6 %
Customer Deposits	168.31	187.26	11.3 %
Loan	115.06	148.09	28.7 %

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