Net profit (loss) special commission income Investments
583.6
377.9
54.43
509
14.66
All figures are in (Millions) Saudi Arabia, Riyals
Element
Current period
Similar period for previous year
% Change
Net profit (loss)
1,410.8
1,053
33.98
Total profit (loss) operation income Investments
2,659.9
2,405.9
10.56
Net profit (loss) special commission income Investments
2,042.1
1,672.1
22.13
Earning or loss per share, Riyals
1.88
1.4
-
Total Assets
93,796
93,047
0.8
Investments
21,714
21,448
1.24
Loans and advances portfolio
59,588
60,249
-1.1
Customer deposit
66,943
65,640
1.98
All figures are in (Millions) Saudi Arabia, Riyals
Element
EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year
NET INCOME INCREASED DUE TO AN INCREASE IN TOTAL OPERATING INCOME BY 18.9% RESULTING FROM AN INCREASE IN NET SPECIAL COMMISSION INCOME. THIS WAS OFFSET PRIMARILY BY A DECREASE IN FEE INCOME FROM BANKING SERVICES, EXCHANGE INCOME, AND GAINS ON INVESTMENTS. ON THE OTHER HAND, TOTAL OPERATING EXPENSES INCREASED BY 13.6% PRIMARILY DUE TO AN INCREASE IN IMPAIRMENT CHARGES FOR INVESTMENTS AND RENT AND PREMISES-RELATED EXPENSES. THIS WAS OFFSET BY A DECREASE IN SALARIES AND EMPLOYEE-RELATED EXPENSES AND IMPAIRMENT CHARGE FOR CREDIT LOSSES.
Reasons of increase (decrease) for period compared with same period last year
NET INCOME INCREASED DUE TO AN INCREASE IN TOTAL OPERATING INCOME BY 10.6% RESULTING FROM AN INCREASE IN NET SPECIAL COMMISSIONS INCOME. THIS WAS PARTIALLY OFFSET BY A DECREASE IN EXCHANGE INCOME AND GAINS ON INVESTMENTS. ON THE OTHER HAND, TOTAL OPERATING EXPENSES DECREASED BY 8.2% RESULTING FROM A DECREASE IN IMPAIRMENT CHARGES FOR BOTH CREDIT LOSSES AND INVESTMENTS AND SALARIES AND EMPLOYEE-RELATED EXPENSES. THIS WAS PARTIALLY OFFSET BY AN INCREASE IN RENT AND PREMISES-RELATED EXPENSES.
Reason of increase (decrease) for quarter compared with the previous quarter
NET INCOME DECREASED DUE TO A DECREASE IN TOTAL OPERATING INCOME BY 3.4% RESULTING FROM A DECREASE IN DIVIDEND INCOME AND GAINS ON INVESTMENTS. THIS WAS OFFSET BY AN INCREASE IN NET SPECIAL COMMISSION INCOME. ON THE OTHER HAND, OPERATING EXPENSES DECREASED BY 6.6% PRIMARILY DUE TO A DECREASE IN IMPAIRMENT CHARGES FOR BOTH CREDIT LOSSES AND INVESTMENTS.
Reclassifications in quarterly financial results
THE PREVIOUS PERIOD NUMBERS HAVE BEEN RECLASSIFIED/ ADJUSTED TO CONFORM TO THE CURRENT YEAR PRESENTATION.
Other notes
EARNINGS PER SHARE FOR THE TWELVE MONTHS OF 2016 WAS SAR 1.40, WHICH WAS RECALCULATED TO REFLECT THE INCREASE IN THE BANKS CAPITAL FROM 700 MILLION SHARES TO 750 MILLION SHARES WHICH WAS APPROVED IN THE EXTRAORDINARY GENERAL ASSEMBLY MEETING HELD ON 17/04/2017. SPECIAL COMMISSION INCOME FOR THE TWELVE MONTH PERIOD ENDED DECEMBER 31, 2017 REACHED SAR 3,533 MILLION COMPARED TO SAR 3,201 MILLION FOR THE SAME PERIOD LAST YEAR, AN INCREASE OF 10.4%. SPECIAL COMMISSION INCOME FOR THE THREE MONTH PERIOD ENDED DECEMBER 31, 2017 REACHED SAR 942 MILLION COMPARED TO SAR 850 MILLION FOR THE SAME PERIOD LAST YEAR, AN INCREASE OF 10.8%.
TOTAL COMPREHENSIVE INCOME FOR THE TWELVE MONTH PERIOD ENDED DECEMBER 31, 2017 WAS SAR 1,106 MILLION AS COMPARED TO SAR 1,551 MILLION IN THE PRIOR YEAR, A DECREASE OF 28.7%. TOTAL COMPREHENSIVE INCOME FOR THE THREE MONTH PERIOD ENDED DECEMBER 31, 2017 WAS SAR 342 MILLION AS COMPARED TO SAR 665 MILLION IN CORRESPONDING PERIOD OF LAST YEAR, A DECREASE OF 48.6%. TOTAL COMPREHENSIVE INCOME FOR THE THREE MONTH PERIOD ENDED DECEMBER 31, 2017 WAS SAR 342 MILLION AS COMPARED TO SAR 152 MILLION IN THE PREVIOUS QUARTER OF THE CURRENT YEAR, AN INCREASE OF 125%. TOTAL EQUITY (NO MINORITY INTEREST) INCREASED BY 7.1% TO REACH SAR 14.3 BILLION AS OF DECEMBER 31, 2017 COMPARED TO SAR 13.3 BILLION AS OF DECEMBER 31, 2016. TOTAL EQUITY AS OF DECEMBER 31, 2017 INCLUDES SAR 785 MILLION IN A TIER 1 SUKUK, 500 MILLION ISSUED IN THE FOURTH QUARTER OF 2016 AND 285 MILION ISSUED IN THE SECOND QUARTER OF 2017.
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