Saudi National Bank reports interim financial results for period ending 2021-09-30 (nine months)

Share this: Facebook TwitterLinkedIn

List of items

Current quarter

Similar quarter for the previous year

%Switch

Previous quarter

% Switch

Total revenues from Special Committees / Funding & Investments

6 887 4 888 40,896 6,698 2.821

Net income from special commissions / financing and investments

6,082 4,198 44,878 5 783 5.17

Total operating profit (loss)

7,800 5 638 38.346 7,501 3.986

Net profit (loss) before Zakat and income tax

4.310 3569 20,762 2,414 78,541

Net profit (loss)

3 785 3,158 19.854 2 117 78.79

Total comprehensive income

3,257 2,821 15,455 2 944 10.631

All figures are in (Millions) Saudi Arabia, Riyals

List of items

Current period

Similar period for the previous year

%Switch

Total revenues from Special Committees / Funding & Investments

18,486 14 633 26.33

Net income from special commissions / financing and investments

16,044 12,313 30,301

Total operating profit (loss)

21,074 15,709 34,152

Net profit (loss) before Zakat and income tax

10,541 9 168 14.976

Net profit (loss)

9,311 8,080 15,235

Total comprehensive income

8,290 7 645 8,436

Total shareholders’ equity (after deduction of minority equity)

159,706 75,462 111,637

Assets

902,720 576,632 56.55

Investments

235 783 144,200 63,511

Loans and advances portfolio (financing and investment)

503,696 336,409 49.727

Customer deposits

589,190 408,474 44,241

Earnings (loss) per share

2.25 2.59

All figures are in (Millions) Saudi Arabia, Riyals

List of items

Explanation

The reason for the increase (decrease) in net profit in the current quarter compared to the same quarter of last year is

After the merger with Samba Financial Group on April 1, 2021, the bank recorded a 19.9% ​​increase in net profit attributable to shareholders of the bank, mainly due to the increase in operating profit, offset by the increased operating expenses, including net impairment charges attributable to the merger.

Total operating income increased by 38.4% mainly due to higher income net of special commissions, bank commissions and foreign exchange income, partially offset by higher other operating expenses.

Total operating expenses, including impairments, increased by 72.2% mainly due to the increase in the net impairment charge for expected credit losses, other general and administrative expenses, salaries and charges staff, rent and premises charges and depreciation of property, plant and equipment, software, rights to use assets.

The reason for the increase (decrease) in net profit in the current quarter compared to the previous period in the current year is

The bank recorded a 78.8% increase in net profit attributable to shareholders of the bank, mainly due to the increase in total operating income and the decrease in total operating expenses, including the charge net write-down for expected credit losses.

Total operating income increased by 4%, mainly due to the increase in income net of special commissions and foreign exchange income.

Total operating expenses, including write-downs, decreased by 31.7%, mainly due to lower net impairment charges for expected credit losses, rents and premises related charges.

The reason for the increase (decrease) in net profit during the current period compared to the same period last year is

After the merger with Samba Financial Group on April 1, 2021, the bank recorded a 15.2% increase in net income attributable to shareholders, mainly due to the increase in operating income and was partially offset by charges operating costs, including a net impairment charge for expected credit losses.

Total operating income increased by 34.2%, mainly due to higher income net of special commissions, investment-related income *, banking services fees and foreign exchange products. This was partially offset by the increase in other operating expenses.

Total operating expenses, including impairments, increased by 61.9%, mainly due to a higher net impairment charge for expected credit losses relating to day 1 of the merger in accordance with IFRS requirements, other general and administrative costs, salaries and personnel costs, depreciation / amortization of property, hardware, software, user rights and increase in rental costs and premises attributable to the merger.

Declaration of the type of external auditor’s report

Unmodified notice

Reclassification of comparators

Some figures have been reclassified for comparison purposes.

Additional information

The net impairment charge for expected credit losses reached SAR 725 million for the current quarter compared to SAR 379 million for the similar period of the previous year with an increase of 91.3%.

The net impairment charge for expected credit losses reached SAR 725 million for the current quarter compared to SAR 2,408 million for the previous period of the current year with a decrease of 69.9%.

The net impairment charge for expected credit losses reached SAR 3,412 million for the current period compared to SAR 1,603 million for the similar period of the previous year with an increase of 112.9%.

Current and prior year EPS is calculated by dividing net income attributable to holders of common stock of the bank (adjusted for level 1 Sukuk costs) for the periods by the weighted average number of shares outstanding 3,954,806K (2020: 2,992,522k).

The results of the Samba group’s income statement were integrated from April 1, 2021 and for six months in accordance with IFRS requirements.

* Investment income includes income from FVIS instruments and gains on non-FVIS financial instruments.

The Capital Market Authority and the Saudi Stock Exchange assume no responsibility for the content of this disclosure, make no representation as to its accuracy or completeness, and expressly disclaim all liability for any loss resulting from, or incurred in doing so. basis on, any part of this disclosure, and the Issuer accepts full responsibility for the accuracy of the information contained therein and confirms, after making all reasonable inquiries, that to its knowledge, there is no other fact or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

Disclaimer

BCN – National Commercial Bank SJSC published this content on 24 October 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on October 24, 2021 05:23:02 AM UTC.

Public now 2021

All the news of THE SAUDI NATIONAL BANK

Analyst recommendations on THE SAUDI NATIONAL BANK
Sales 2021 29,714 million
7 922 million
7 922 million
Net income 2021 13,516 million
3,603 million
3,603 million
Net debt 2021

PER 2021 ratio 23.0x
Yield 2021 2.36%
Capitalization 290B
77 339 million
77 345 million
Capi. / Sales 2021 9.76x
Capi. / Sales 2022 8.79x
Number of employees 13 334
Free float 49.6%

Chart THE SAUDI NATIONAL BANK
Duration :

Period:

Saudi National Bank Technical Analysis Chart |  MarketScreener

Trends in technical analysis THE SAUDI NATIONAL BANK

Short term Mid Road Long term
Tendencies Bullish Bullish Bullish

Evolution of the income statement

To sell

To buy

Average consensus SURPASS
Number of analysts 13
Last closing price

SAR 65.40

Average price target

66.41 SAR

Spread / Average target 1.54%

About The Author

Related Posts