Net profit (loss) special commission income Investments
460
405
13.58
470
-2.13
All figures are in (Millions) Saudi Arabia, Riyals
Element
Current period
Similar period for previous year
% Change
Net profit (loss)
858
872
-1.61
Total profit (loss) operation income Investments
2,580
2,473
4.33
Net profit (loss) special commission income Investments
1,818
1,566
16.09
Earning or loss per share, Riyals
1.65
1.68
-
Total Assets
68,287
66,319
2.97
Investments
20,361
16,293
24.97
Loans and advances portfolio
39,790
42,099
-5.48
Customer deposit
50,278
51,602
-2.57
All figures are in (Millions) Saudi Arabia, Riyals
Element
EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year
Net income has increased by 27% mainly due to increase in operating income by 12%. This is mainly due to increase in net special commission income and net exchange income against a slight decrease in net banking fee and net trading income. For operating expenses there is an increase of 6% mainly due to increase in net impairment charge for credit losses, other general and administrative expenses and depreciation and amortization expenses against a decrease in salaries and employee-related expenses and rent and premises related expenses.
Reasons of increase (decrease) for period compared with same period last year
Net income has decreased by 2% mainly due to the fact that in comparative period income was higher as a result of sale of land owned by the Bank which resulted in a gain amounting to SR 209 million. Furthermore operating expenses have also increased by 8% mainly due to increase in the net impairment charge for credit losses, other general and administrative expenses, depreciation and amortization expenses and rent and premises related expenses against a decrease in salaries and employee-related expenses. On the other hand total operating income has increased by 4% after considering the decline in gain on sale of other real estate mainly due to increase in net special commission income, net exchange income, net banking fees and net trading income.
Reason of increase (decrease) for quarter compared with the previous quarter
Net income has decreased by 15% mainly due to a decrease in operating Income by 3%. The decrease in operating income is mainly attributable to a decrease in net special commission income, net trading income, net exchange income and net banking fees. Also operating expenses have increased by 3% mainly due to increase in other general and administrative expenses, salaries and employee-related expenses and rent and premises related expenses against a decrease in net impairment charge for credit losses.
Reclassifications in quarterly financial results
Cards related expenses that are correlated with the fee income generated on cards transactions have been reclassified from Other general and administrative expenses to Fee and commission income. Certain other items have also been re-classified.
Other notes
1- Total Special commission income during current quarter is SR 899 million compared to SR 940 million in similar quarter of previous year, a decrease of 4%. 2- Total Special commission income during current year is SR 2,757 million compared to SR 2,656 million in previous year, an increase of 4%. 3- Total comprehensive income for the twelve months period ended 31 December 2017 is SR 947 million as compared to SR 836 million in comparative year, an increase of 13%. Total comprehensive income for the current quarter is SR 225 million compared to SAR 340 million in similar quarter of previous year, a decrease of 34%. And as compared to SR 285 million in the previous quarter with a decrease of 21%. 4- Total equity (there is no minority interest) as of end of the current year is SR 8,829 million compared to SR 8,104 million at the end of previous year. An increase of 9%. 5-Earnings per share for the previous year has been recalculated to reflect the increase in the Bank capital from 400 million shares to 520 million shares due to issue of bonus shares in the ratio of three shares for every ten shares as approved in the Extra Ordinary General Assembly meeting held on 10 April 2017.
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