Samba’s net profit rises 7% to SAR 3.46 bln in 9M 2020

03/11/2020 Argaam Exclusive

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Samba Financial Group posted a 7.3% rise in net profit to SAR 3.460 billion for the first nine months of 2020, compared to SAR 3.226 billion in the corresponding period last year.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Net Special Commission Income	4,817.25	4,330.58	(10.1 %)
Operating Income	6,561.80	7,246.69	10.4 %
Total Provisions	(871.90)	(899.85)	(3.2 %)
Net Income	3,224.15	3,456.41	7.2 %
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	1.61	1.73	7.2 %

The stronger profit was driven by a 10% year-on-year (YoY) rise in operating income, due to higher gains on fair value through other comprehensive income (FVOCI) debt, as well as exchange and trading income.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Net Special Commission Income	1,563.75	1,377.18	(11.9 %)
Operating Income	2,195.24	2,456.51	11.9 %
Debt Provisions	(90.17)	(254.33)	(182.0 %)
Net Income	1,225.24	1,229.90	0.4 %
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.61	0.61	0.4 %

Item	Q2 2020	Q3 2020	Change‬
Net Special Commission Income	1,390.95	1,377.18	(1.0 %)
Operating Income	2,359.08	2,456.51	4.1 %
Debt Provisions	(462.89)	(254.33)	45.1 %
Net Income	953.45	1,229.90	29.0 %
Average Shares	2,000.00	2,000.00	-
EPS (Riyals)	0.48	0.61	29.0 %

The third quarter net profit edged up 0.4% YoY to SAR 1.231 billion, thanks to a 12% YoY rise in operating income, due to higher gains on FVOCI debt, as well income from fair value through income statement (FVIS) investments and trading income.

Balance Sheet (B)

Item	9m 2019	9m 2020	Change‬
Assets	237.34	289.59	22.0 %
Customer Deposits	165.49	201.17	21.6 %
Loan	125.49	154.21	22.9 %

On a sequential basis, Samba’s net profit also jumped 29%.

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