Samba Financial Group announces its interim financial results for the period ending on 2019-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Total Revenue for Special Commissions/Investments | 2,088 | 1,845 | 13.17 | 2,132 | -2.063 |
| Net Income for Special Commissions/Investments | 1,608 | 1,541 | 4.347 | 1,646 | -2.308 |
| Total operation Profit (Loss) | 2,171 | 2,079 | 4.425 | 2,195 | -1.093 |
| Net Profit (Loss) | 935 | 1,241 | -24.657 | 1,065 | -12.206 |
| Total Comprehensive Income | 1,822 | 1,363 | 33.675 | 2,395 | -23.924 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Revenue for Special Commissions/Investments | 4,220 | 3,583 | 17.778 |
| Net Income for Special Commissions/Investments | 3,253 | 2,974 | 9.381 |
| Total operation Profit (Loss) | 4,367 | 4,018 | 8.685 |
| Net Profit (Loss) | 2,000 | 2,388 | -16.247 |
| Total Comprehensive Income | 4,217 | 2,766 | 52.458 |
| Total Share Holders Equity (after deducting minority equity) | 44,486 | 43,362 | 2.592 |
| Assets | 235,552 | 231,701 | 1.662 |
| Investments | 79,250 | 63,768 | 24.278 |
| Loans and advances portfolio | 115,062 | 116,632 | -1.346 |
| Customer deposits | 168,306 | 168,598 | -0.173 |
| Profit (Loss) per Share | 1.02 | 1.22 | |
| 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 Net Income has decreased by 24.7% mainly due to increase in total operating expenses which increased by 66.7% mainly due to increase in provision for credit impairment. On the other hand total operating income increased by 4.5% mainly due to increase in net special commission income, income from investments held at FVIS, Exchange Income and gains on FVOCI debt. |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter | The Net Income has decreased by 12.2% mainly due to increase in total operating expenses which increased by 14.6% mainly due to increase in provision for credit impairment and decrease in total operating income. |
| Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year | The Net Income has decreased by 16.2% mainly due to increase in total operating expenses which increased by 61.4% mainly due to increase in provision for credit impairment. On the other hand total operating income increased by 8.7% mainly due to increase in net special commission income, income from investments held at FVIS, Exchange Income and gains on FVOCI debt. |
| Type of the external auditor's opinion | Unmodified opinion |
| External auditor's report containing reservation | None Noted |
| Reclassifications in quarter financial result | Some numbers have been reclassified. |
| Additional Information | Starting from the quarter ended 30 June 2019, Zakat and tax are to be accrued on a quarterly basis and recognized in the statement of consolidated income with a corresponding liability recognized in the statement of consolidated financial position in accordance with International Financial Reporting Standard (IFRS) as endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by SOCPA.
The income before zakat for the 3 month and 6 month period ended 30 June 2019 was SAR 1,040 million ( 30 June 2018: SAR 1,400 million) and SAR 2,249 million( 30 June 2018: SAR 2,705 million) respectively. |
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