Saudi British Bank announces its interim financial results for the period ending on 2019-03-31 ( Three Months )

29 April 2019 08:35 AM

SAB 1060 13.43% 39.70 4.70

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Total Revenue for Special Commissions/Investments	1,796	1,544	16.321	1,757	2.219
Net Income for Special Commissions/Investments	1,487	1,323	12.396	1,451	2.481
Total operation Profit (Loss)	1,970	1,762	11.804	1,831	7.591
Net Profit (Loss)	1,286	1,039	23.772	1,211	6.193
Total Comprehensive Income	1,707	1,124	51.868	992	72.076
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (after deducting minority equity)	33,868	31,772	6.597
Assets	173,667	182,622	-4.903
Investments	39,377	31,781	23.901
Loans and advances portfolio	110,357	116,495	-5.268
Customer deposits	127,238	135,392	-6.022
Profit (Loss) per Share	0.86	0.69
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year	The increase in net profit was primarily driven by 11.8% increase in total operating income mainly due to a 12.4% increase in net special commission income and a 2.2% increase in exchange income net, partially offset by a 0.7% decrease in fee and commission income net. Total operating expenses decreased by 4.5% including a 56.2% improvement in provision for credit losses net, and with an increase in other operating expense items that incorporated SAR 58m of merger-related integration planning and transaction costs in the current quarter (same quarter of previous year: NIL).
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter	The increase in net profit was primarily driven by 7.6% increase in total operating income due to a 2.5% increase in net special commission income and a 19.3% increase in fees and commission, as well as seasonal recognition of dividend income; despite a 3.3% decrease in exchange income net. Total operating expenses increased by 6.2% mainly due to a 63.3% increase in provision for credit losses net.
Type of the external auditor's opinion	Unmodified opinion
Reclassifications in quarter financial result	Certain prior period numbers have been restated to incorporate some reclassifications in order to align with the current period presentation.

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