Financial Results : SAIB's net profit almost flat in Q1 2019

SAIB's net profit almost flat in Q1 2019

28/04/2019 Argaam Exclusive

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Saudi Investment Bank’s (SAIB) net profit edged down 0.4 percent year-on-year (YoY) to SAR 359.9 million for Q1 2019, due to an increase in total operating costs, general and administrative expenses.

The first-quarter net profit dropped 3.9 percent when compared to Q4 2018 also on increased total operating costs.



Current Quarter Comparison (M)

Compared With The
Item Q1 2018 Q1 2019 Change‬
Net Special Commission Income 564.16 581.08 3.0 %
Operating Income 686.32 702.19 2.3 %
Debt Provisions (88.55) (77.22) 12.8 %
Net Income 346.01 281.45 (18.7 %)
Average Shares 1,250.00 1,250.00 -
EPS (Riyals) 0.28 0.23 (18.7 %)

Balance Sheet (B)

Item 3m 2018 3m 2019 Change‬
Assets 91.53 94.83 3.6 %
Customer Deposits 61.03 63.82 4.6 %
Loan 57.90 58.18 0.5 %


Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Debt Provisions Change
Q1 2010 312.19 29.5 % 451.13 42.1 % (293.00) (5,760.0 %)
Q2 2010 328.20 24.9 % 448.57 24.2 % (245.00) (345.5 %)
Q3 2010 350.50 46.2 % 437.42 18.1 % (150.00) (150.0 %)
Q4 2010 324.07 19.7 % 412.13 (11.9 %) (50.00) 87.3 %
Q1 2011 316.22 1.3 % 414.44 (8.1 %) (50.00) 82.9 %
Q2 2011 322.45 (1.8 %) 424.81 (5.3 %) (58.00) 76.3 %
Q3 2011 300.73 (14.2 %) 394.87 (9.7 %) (115.00) 23.3 %
Q4 2011 287.06 (11.4 %) 381.76 (7.4 %) (65.00) (30.0 %)
Q1 2012 290.66 (8.1 %) 458.62 10.7 % (115.00) (130.0 %)
Q2 2012 306.47 (5.0 %) 419.40 (1.3 %) (70.00) (20.7 %)
Q3 2012 320.57 6.6 % 407.20 3.1 % (45.00) 60.9 %
Q4 2012 324.24 13.0 % 436.39 14.3 % (25.00) 61.5 %
Q1 2013 339.61 16.8 % 505.38 10.2 % (30.00) 73.9 %
Q2 2013 343.41 12.1 % 518.68 23.7 % (30.00) 57.1 %
Q3 2013 346.63 8.1 % 501.41 23.1 % (30.00) 33.3 %
Q4 2013 335.34 3.4 % 491.19 12.6 % (15.00) 40.0 %
Q1 2014 354.68 4.4 % 533.35 5.5 % (141.00) (370.0 %)
Q2 2014 371.05 8.0 % 550.75 6.2 % (21.00) 30.0 %
Q3 2014 389.06 12.2 % 576.12 14.9 % (14.00) 53.3 %
Q4 2014 424.77 26.7 % 647.00 31.7 % (45.30) (202.0 %)
Q1 2015 430.57 21.4 % 652.24 22.3 % (23.00) 83.7 %
Q2 2015 430.97 16.1 % 640.48 16.3 % (46.00) (119.0 %)
Q3 2015 441.57 13.5 % 603.17 4.7 % (22.00) (57.1 %)
Q4 2015 428.08 0.8 % 615.17 (4.9 %) (27.00) 40.4 %
Q1 2016 412.80 (4.1 %) 590.74 (9.4 %) (118.00) (413.0 %)
Q2 2016 420.70 (2.4 %) 612.19 (4.4 %) (58.00) (26.1 %)
Q3 2016 460.66 4.3 % 633.14 5.0 % (30.00) (36.4 %)
Q4 2016 377.90 (11.7 %) 569.79 (7.4 %) (40.00) (48.1 %)
Q1 2017 463.02 12.2 % 624.96 5.8 % (45.00) 61.9 %
Q2 2017 486.44 15.6 % 655.84 7.1 % (74.00) (27.6 %)
Q3 2017 508.96 10.5 % 701.64 10.8 % (63.00) (110.0 %)
Q4 2017 583.65 54.4 % 677.44 18.9 % (31.00) 22.5 %
Q1 2018 564.16 21.8 % 686.32 9.8 % (88.55) (96.8 %)
Q2 2018 573.40 17.9 % 671.08 2.3 % (64.21) 13.2 %
Q3 2018 596.51 17.2 % 700.59 (0.1 %) (90.43) (43.5 %)
Q4 2018 553.66 (5.1 %) 654.73 (3.4 %) (3.79) 87.8 %
Q1 2019 581.08 3.0 % 702.19 2.3 % (77.22) 12.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2010 20.88 (91.3 %) 0.02 - 20.88 0.02
Q2 2010 21.76 (88.4 %) 0.02 - 21.76 0.02
Q3 2010 148.90 (26.6 %) 0.12 - 148.90 0.12
Q4 2010 237.80 317.1 % 0.19 - 237.80 0.19
Q1 2011 207.95 896.1 % 0.17 - 207.95 0.17
Q2 2011 208.22 856.8 % 0.17 - 208.22 0.17
Q3 2011 144.02 (3.3 %) 0.12 - 144.02 0.12
Q4 2011 147.42 (38.0 %) 0.12 - 147.42 0.12
Q1 2012 212.24 2.1 % 0.17 - 212.24 0.17
Q2 2012 222.39 6.8 % 0.18 - 222.39 0.18
Q3 2012 231.80 61.0 % 0.19 - 231.80 0.19
Q4 2012 245.62 66.6 % 0.20 - 245.62 0.20
Q1 2013 314.27 48.1 % 0.25 - 314.27 0.25
Q2 2013 320.40 44.1 % 0.26 - 320.40 0.26
Q3 2013 325.39 40.4 % 0.26 - 325.39 0.26
Q4 2013 326.77 33.0 % 0.26 - 326.77 0.26
Q1 2014 337.47 7.4 % 0.27 223.95 113.52 0.09
Q2 2014 352.96 10.2 % 0.28 - 352.96 0.28
Q3 2014 371.17 14.1 % 0.30 - 371.17 0.30
Q4 2014 374.87 14.7 % 0.30 0.00 374.87 0.30
Q1 2015 366.70 8.7 % 0.29 - 366.70 0.29
Q2 2015 382.57 8.4 % 0.31 - 382.57 0.31
Q3 2015 351.43 (5.3 %) 0.28 - 351.43 0.28
Q4 2015 227.96 (39.2 %) 0.18 - 227.96 0.18
Q1 2016 210.00 (42.7 %) 0.17 - 210.00 0.17
Q2 2016 321.37 (16.0 %) 0.26 - 321.37 0.26
Q3 2016 219.43 (37.6 %) 0.18 - 219.43 0.18
Q4 2016 302.17 32.6 % 0.24 - 302.17 0.24
Q1 2017 344.94 64.3 % 0.28 - 344.94 0.28
Q2 2017 355.65 10.7 % 0.28 - 355.65 0.28
Q3 2017 358.35 63.3 % 0.29 - 358.35 0.29
Q4 2017 351.86 16.4 % 0.28 - 351.86 0.28
Q1 2018 346.01 0.3 % 0.28 - 346.01 0.28
Q2 2018 336.78 (5.3 %) 0.27 - 336.78 0.27
Q3 2018 345.73 (3.5 %) 0.28 - 345.73 0.28
Q4 2018 (452.62) (228.6 %) (0.36) (750.51) 297.89 0.24
Q1 2019 281.45 (18.7 %) 0.23 - 281.45 0.23

Profitability

Period Return On Average Assets Return on Average Equity Net Interest Income/Total Operating Income
Q1 2010 0.61 % 4.16 % 65.76 %
Q2 2010 0.27 % 1.85 % 66.22 %
Q3 2010 0.16 % 1.05 % 69.89 %
Q4 2010 0.84 % 5.54 % 75.17 %
Q1 2011 1.22 % 7.76 % 77.02 %
Q2 2011 1.61 % 10.05 % 77.76 %
Q3 2011 1.60 % 9.79 % 76.75 %
Q4 2011 1.37 % 8.49 % 75.90 %
Q1 2012 1.38 % 8.42 % 72.34 %
Q2 2012 1.40 % 8.47 % 71.61 %
Q3 2012 1.54 % 9.30 % 72.27 %
Q4 2012 1.64 % 10.17 % 72.14 %
Q1 2013 1.76 % 11.29 % 73.00 %
Q2 2013 1.85 % 12.22 % 71.10 %
Q3 2013 1.92 % 12.71 % 69.01 %
Q4 2013 1.84 % 13.11 % 67.69 %
Q1 2014 1.79 % 12.91 % 67.50 %
Q2 2014 1.74 % 13.15 % 67.78 %
Q3 2014 1.72 % 12.70 % 67.40 %
Q4 2014 1.65 % 13.00 % 66.73 %
Q1 2015 1.69 % 12.78 % 66.59 %
Q2 2015 1.66 % 13.05 % 66.59 %
Q3 2015 1.63 % 12.38 % 67.95 %
Q4 2015 1.42 % 11.12 % 68.94 %
Q1 2016 1.25 % 9.83 % 69.95 %
Q2 2016 1.18 % 9.38 % 70.34 %
Q3 2016 1.05 % 8.12 % 70.26 %
Q4 2016 1.13 % 8.47 % 69.50 %
Q1 2017 1.24 % 9.49 % 70.58 %
Q2 2017 1.27 % 9.87 % 71.99 %
Q3 2017 1.40 % 10.71 % 71.95 %
Q4 2017 1.51 % 10.72 % 76.77 %
Q1 2018 1.51 % 10.82 % 78.76 %
Q2 2018 1.40 % 10.81 % 81.50 %
Q3 2018 1.42 % 10.75 % 84.73 %
Q4 2018 0.61 % 4.59 % 84.33 %
Q1 2019 0.55 % 4.08 % 84.46 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
Q1 2010 49.49 (1.6 %) 36.51 (4.0 %) 30.65 1.8 %
Q2 2010 48.87 (3.7 %) 35.77 (1.6 %) 30.55 1.3 %
Q3 2010 49.32 (2.5 %) 35.60 (7.3 %) 31.21 2.2 %
Q4 2010 51.49 2.7 % 37.22 (2.7 %) 31.00 4.1 %
Q1 2011 51.22 3.5 % 37.97 4.0 % 30.78 0.4 %
Q2 2011 50.57 3.5 % 36.08 0.9 % 30.63 0.3 %
Q3 2011 50.62 2.6 % 36.65 2.9 % 30.47 (2.4 %)
Q4 2011 51.95 0.9 % 36.77 (1.2 %) 27.11 (12.5 %)
Q1 2012 52.19 1.9 % 36.94 (2.7 %) 27.98 (9.1 %)
Q2 2012 53.46 5.7 % 38.08 5.5 % 29.79 (2.7 %)
Q3 2012 55.05 8.7 % 38.84 6.0 % 31.79 4.3 %
Q4 2012 59.07 13.7 % 40.41 9.9 % 34.05 25.6 %
Q1 2013 63.13 21.0 % 44.04 19.2 % 36.99 32.2 %
Q2 2013 66.66 24.7 % 48.56 27.5 % 40.41 35.6 %
Q3 2013 70.81 28.6 % 51.85 33.5 % 42.73 34.4 %
Q4 2013 80.50 36.3 % 57.04 41.2 % 47.57 39.7 %
Q1 2014 82.86 31.3 % 62.14 41.1 % 52.24 41.2 %
Q2 2014 88.06 32.1 % 67.73 39.5 % 54.77 35.5 %
Q3 2014 90.55 27.9 % 69.68 34.4 % 57.56 34.7 %
Q4 2014 93.63 16.3 % 70.73 24.0 % 57.47 20.8 %
Q1 2015 91.06 9.9 % 69.63 12.0 % 57.32 9.7 %
Q2 2015 92.51 5.1 % 70.48 4.1 % 57.17 4.4 %
Q3 2015 90.27 (0.3 %) 66.82 (4.1 %) 58.08 0.9 %
Q4 2015 93.58 (0.1 %) 70.52 (0.3 %) 60.27 4.9 %
Q1 2016 96.39 5.9 % 70.69 1.5 % 61.62 7.5 %
Q2 2016 95.95 3.7 % 68.09 (3.4 %) 61.25 7.1 %
Q3 2016 96.18 6.5 % 66.45 (0.6 %) 61.29 5.5 %
Q4 2016 93.05 (0.6 %) 65.64 (6.9 %) 60.25 0.0 %
Q1 2017 95.18 (1.3 %) 64.44 (8.8 %) 60.29 (2.2 %)
Q2 2017 96.88 1.0 % 66.56 (2.2 %) 61.63 0.6 %
Q3 2017 98.33 2.2 % 71.06 6.9 % 61.07 (0.4 %)
Q4 2017 93.80 0.8 % 66.94 2.0 % 59.59 (1.1 %)
Q1 2018 91.53 (3.8 %) 61.03 (5.3 %) 57.90 (4.0 %)
Q2 2018 101.95 5.2 % 71.30 7.1 % 59.33 (3.7 %)
Q3 2018 95.45 (2.9 %) 64.02 (9.9 %) 59.54 (2.5 %)
Q4 2018 96.07 2.4 % 63.69 (4.9 %) 59.41 (0.3 %)
Q1 2019 94.83 3.6 % 63.82 4.6 % 58.18 0.5 %

Ratios

Period Customer Deposits Per Total Assets Loans and advances/Total assets Loans and advances/Customers Deposits
Q1 2010 73.77 % 61.94 % 83.96 %
Q2 2010 73.21 % 62.52 % 85.41 %
Q3 2010 72.18 % 63.29 % 87.68 %
Q4 2010 72.27 % 60.21 % 83.30 %
Q1 2011 74.14 % 60.09 % 81.06 %
Q2 2011 71.36 % 60.58 % 84.90 %
Q3 2011 72.39 % 60.19 % 83.14 %
Q4 2011 70.79 % 52.20 % 73.74 %
Q1 2012 70.79 % 53.61 % 75.74 %
Q2 2012 71.23 % 55.73 % 78.24 %
Q3 2012 70.55 % 57.74 % 81.85 %
Q4 2012 68.42 % 57.65 % 84.26 %
Q1 2013 69.76 % 58.59 % 83.99 %
Q2 2013 72.85 % 60.63 % 83.23 %
Q3 2013 73.22 % 60.33 % 82.40 %
Q4 2013 70.87 % 59.09 % 83.39 %
Q1 2014 75.00 % 63.04 % 84.06 %
Q2 2014 76.91 % 62.19 % 80.86 %
Q3 2014 76.96 % 63.57 % 82.61 %
Q4 2014 75.55 % 61.38 % 81.25 %
Q1 2015 76.46 % 62.94 % 82.32 %
Q2 2015 76.18 % 61.80 % 81.12 %
Q3 2015 74.02 % 64.33 % 86.91 %
Q4 2015 75.36 % 64.40 % 85.47 %
Q1 2016 73.33 % 63.92 % 87.17 %
Q2 2016 70.96 % 63.84 % 89.96 %
Q3 2016 69.08 % 63.72 % 92.24 %
Q4 2016 70.55 % 64.75 % 91.79 %
Q1 2017 67.70 % 63.35 % 93.56 %
Q2 2017 68.70 % 63.61 % 92.59 %
Q3 2017 72.27 % 62.10 % 85.93 %
Q4 2017 71.37 % 63.53 % 89.01 %
Q1 2018 66.68 % 63.25 % 94.86 %
Q2 2018 69.93 % 58.19 % 83.21 %
Q3 2018 67.07 % 62.38 % 93.01 %
Q4 2018 66.30 % 61.84 % 93.28 %
Q1 2019 67.30 % 61.35 % 91.15 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2010 1,250.00 0.24 0.24 - 6.10
Q2 2010 1,250.00 0.11 0.11 - 6.06
Q3 2010 1,250.00 0.07 0.07 - 6.29
Q4 2010 1,250.00 0.34 0.34 - 6.48
Q1 2011 1,250.00 0.49 0.49 - 6.62
Q2 2011 1,250.00 0.64 0.64 - 6.73
Q3 2011 1,250.00 0.64 0.64 - 6.75
Q4 2011 1,250.00 0.57 0.57 - 6.85
Q1 2012 1,250.00 0.57 0.57 - 6.92
Q2 2012 1,250.00 0.58 0.58 - 6.99
Q3 2012 1,250.00 0.65 0.65 - 7.26
Q4 2012 1,250.00 0.73 0.73 - 7.50
Q1 2013 1,250.00 0.81 0.81 - 7.46
Q2 2013 1,250.00 0.89 0.89 - 7.57
Q3 2013 1,250.00 0.96 0.96 - 7.91
Q4 2013 1,250.00 1.03 1.03 - 8.20
Q1 2014 1,250.00 1.05 0.87 - 8.78
Q2 2014 1,250.00 1.07 0.89 - 8.76
Q3 2014 1,250.00 1.11 0.93 - 9.58
Q4 2014 1,250.00 1.15 0.97 - 9.48
Q1 2015 1,250.00 1.17 1.17 - 9.57
Q2 2015 1,250.00 1.20 1.20 - 9.57
Q3 2015 1,250.00 1.18 1.18 - 9.50
Q4 2015 1,250.00 1.06 1.06 - 9.63
Q1 2016 1,250.00 0.94 0.94 - 9.49
Q2 2016 1,250.00 0.89 0.89 - 9.37
Q3 2016 1,250.00 0.78 0.78 - 9.79
Q4 2016 1,250.00 0.84 0.84 - 10.27
Q1 2017 1,250.00 0.95 0.95 - 10.53
Q2 2017 1,250.00 0.98 0.98 - 10.43
Q3 2017 1,250.00 1.09 1.09 - 10.55
Q4 2017 1,250.00 1.13 1.13 - 10.80
Q1 2018 1,250.00 1.13 1.13 - 10.35
Q2 2018 1,250.00 1.11 1.11 - 10.18
Q3 2018 1,250.00 1.10 1.10 - 10.00
Q4 2018 1,250.00 0.46 1.06 - 9.30
Q1 2019 1,250.00 0.41 1.01 - 9.68

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 30.47 30.47 1.21
Q2 2010 More than 100 More than 100 1.24
Q3 2010 More than 100 More than 100 1.39
Q4 2010 24.92 24.92 1.32
Q1 2011 19.49 19.49 1.45
Q2 2011 13.95 13.95 1.33
Q3 2011 12.69 12.69 1.20
Q4 2011 13.57 13.57 1.12
Q1 2012 17.54 17.54 1.44
Q2 2012 12.85 12.85 1.07
Q3 2012 11.69 11.69 1.05
Q4 2012 11.80 11.80 1.15
Q1 2013 10.43 10.43 1.13
Q2 2013 11.70 11.70 1.37
Q3 2013 11.69 11.69 1.42
Q4 2013 13.26 13.26 1.66
Q1 2014 13.94 16.81 1.66
Q2 2014 12.42 14.91 1.52
Q3 2014 14.38 17.14 1.67
Q4 2014 11.70 13.86 1.42
Q1 2015 10.61 10.61 1.30
Q2 2015 9.86 9.86 1.23
Q3 2015 8.91 8.91 1.11
Q4 2015 8.41 8.41 0.93
Q1 2016 8.70 8.70 0.86
Q2 2016 8.00 8.00 0.76
Q3 2016 7.29 7.29 0.58
Q4 2016 10.08 10.08 0.83
Q1 2017 8.18 8.18 0.74
Q2 2017 7.99 7.99 0.75
Q3 2017 8.28 8.28 0.85
Q4 2017 8.02 8.02 0.84
Q1 2018 8.23 8.23 0.90
Q2 2018 9.75 9.75 1.07
Q3 2018 10.05 10.05 1.11
Q4 2018 22.31 9.69 1.11
Q1 2019 27.50 11.14 1.16

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Brokerage and Asset Management Joint Projects Others
Q1 2010 159.67 135.51 129.97 25.99 - -
Q2 2010 175.65 152.45 92.40 28.07 - -
Q3 2010 215.74 125.99 74.48 21.21 - -
Q4 2010 147.93 242.09 (1.36) 23.47 - -
Q1 2011 153.32 152.78 84.60 23.74 - -
Q2 2011 167.24 155.90 78.31 23.36 - -
Q3 2011 165.01 153.49 58.08 18.29 - -
Q4 2011 160.50 141.49 57.43 22.34 - -
Q1 2012 163.47 187.96 79.05 28.15 - -
Q2 2012 170.50 153.23 72.13 23.54 - -
Q3 2012 182.17 122.01 84.83 18.19 - -
Q4 2012 171.57 157.40 88.43 18.99 - -
Q1 2013 174.07 154.75 143.85 32.71 - -
Q2 2013 154.10 171.26 169.87 23.44 - -
Q3 2013 188.69 117.81 173.46 21.46 - -
Q4 2013 161.33 161.54 146.73 21.60 - -
Q1 2014 186.89 196.13 342.87 31.42 - -
Q2 2014 218.89 198.35 98.34 35.18 - -
Q3 2014 222.61 196.14 123.01 34.37 - -
Q4 2014 294.50 237.12 84.60 30.78 - -
Q1 2015 221.00 259.25 140.23 38.90 2.14 (9.28)
Q2 2015 185.47 306.77 131.29 34.83 (6.63) (11.25)
Q3 2015 261.74 220.97 230.40 24.55 (1.83) (132.66)
Q4 2015 240.10 172.33 260.22 22.59 (4.09) (75.97)
Q1 2016 234.59 154.29 229.81 22.08 (10.90) (39.12)
Q2 2016 309.09 306.12 57.15 21.02 (13.03) (68.16)
Q3 2016 275.32 323.22 131.85 18.63 (15.62) (100.27)
Q4 2016 183.70 330.18 101.96 26.32 (15.41) (56.96)
Q1 2017 262.95 282.64 97.03 27.53 - (45.19)
Q2 2017 274.68 266.84 160.26 17.35 - (63.28)
Q3 2017 415.47 269.68 33.74 18.20 - (35.44)
Q4 2017 218.31 251.89 171.57 23.20 - 12.48
Q1 2018 256.17 286.34 172.58 26.04 - (54.81)
Q2 2018 283.77 296.45 222.21 21.98 - (153.32)
Q3 2018 293.95 217.68 125.53 17.18 - 46.25
Q4 2018 423.85 323.97 (92.49) 17.57 - (18.16)
Q1 2019 202.88 328.29 201.57 17.64 - (48.19)


Financial Ratios
Current
Market Cap (M Riyal) 17,325.00
Shares Outstanding ((M)) 1,250.00
EPS ( Riyal) (TTM) 1.52
EPS Diluted ( Riyal) (TTM) 1.39
Book Value (BV) ( Riyal) 12.27
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 9.15
P/E (TTM) 9.15
Price/book 1.13
Return on Average Assets (%) (TTM) 1.3
Return on Average Equity (%) (TTM) 13.0
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Share Price

Saudi Investment Bank
13.86
(0.04) (0.29 %)

Saudi Investment Bank (SAIB)

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