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The National Commercial Bank announces its Interim Financial Results for the Period Ending on 2019-09-30 ( Nine Months )

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Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Total Revenue from Special Commissions/Financing & Investments 4,930,115 4,700,228 4.89 4,782,870 3.078
Net Income from Special Commissions/Financing & Investments 3,681,677 3,637,421 1.216 3,668,914 0.347
Total Operation Profit (Loss) 5,009,489 4,731,598 5.873 5,054,952 -0.899
Net Profit (Loss) 2,550,699 2,120,363 20.295 2,685,587 -5.022
Total Comprehensive Income 2,961,213 1,303,914 127.101 3,004,126 -1.428
All figures are in (Thousands) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Total Revenue from Special Commissions/Financing & Investments 14,576,401 13,369,880 9.024
Net Income from Special Commissions/Financing & Investments 10,912,260 10,629,426 2.66
Total Operation Profit (Loss) 15,017,199 14,171,393 5.968
Net Profit (Loss) 8,011,829 6,888,369 16.309
Total Comprehensive Income 9,485,645 4,808,069 97.285
Total Share Holders Equity (after Deducting Minority Equity) 66,978,621 62,503,866 7.159
Assets 498,045,248 460,826,322 8.076
Investments 132,466,519 116,503,533 13.701
Loans and Advances Portfolio (Financing & Investment) 280,534,754 268,245,445 4.581
Customer Deposits 340,381,715 325,461,070 4.584
Profit (Loss) per Share 2.58 2.21
All figures are in (Thousands) Saudi Arabia, Riyals
Element List Explanation
Increase (Decrease) in Net Profit for Current Quarter Compared to Same Quarter Last Year is Attributed to 20.3% Higher net income derived from higher total operating income.

Total operating income increased by 5.9% mainly due to the increase in net special commission income, investment related income* and lower other operating (expense), which partially offsets by a decrease in fee income from banking services and exchange income.

Total operating expenses including impairments were higher by 1.4% mainly due to the increase in net impairment charges for financing and advances, salaries and employee-related expenses, and depreciation/amortization of property, equipment software and ROU, while other general and other administrative expenses, rent and premises-related expenses and net impairment charges on investments decreased.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to 5% Lower net income derived from lower total operating income and higher total operating expenses.

Total operating income decreased by 0.9% mainly due to the decrease in investment related income*, fee income from banking services and foreign exchange income, partially offset by an increase in net special commission income and lower other operating expenses.

Total operating expenses including impairments were higher by 12.9% mainly due to higher net impairment charge for financing and advances and higher rent and premises-related expenses, partially offset by a decrease in salaries and employee-related expenses, other general and administration expenses and net impairment charges on investments.

Increase (Decrease) in Net Profit for Current Period Compared to the Same Period Last Year is Attributed to 16.3% Higher net income derived from higher total operating income.

Total operating income increased by 6.0% mainly due to the increase in net special commission income, investment related income* and lower other operating (expense), while fees income from banking services and foreign exchange income decreased.

Total operating expenses including impairments were higher by 0.1% mainly due to higher net impairment charge for financing and advances, depreciation/amortization of property, equipment, software and ROU and other general and administrative expenses, partially offset by decreases in rent and premises-related expenses and net impairment charges on investments.

Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items In pursuance of complying with IFRSs that are endorsed in KSA, the Bank has amended its accounting policy to charge the zakat and income tax expense for the period to the consolidated statement of income whereas the corresponding liability will continue to be recognized in the consolidated statement of financial position. Previously, zakat and income

tax was charged directly to the consolidated statement of changes in equity.

Additionally, Some numbers have been re-classified for comparative reasons.

Additional Information Net income before zakat and income tax reached to SAR 2,829Mn for the current quarter against SAR 2,488Mn in the similar quarter of the previous year with an increase of SAR 341Mn. Moreover, net income after zakat and income tax attributable to common equity holders of the bank reached to SAR 2,551Mn for the current quarter against SAR 2,120Mn in

the similar quarter of the previous year with an increase of SAR 430Mn.

Net income before zakat and income tax reached to SAR 2,829Mn for the current quarter against SAR 3,047Mn in the previous quarter of the current year with a decrease of SAR 218Mn. Moreover, net income after zakat and income tax attributable to common equity holders of the bank reached to SAR 2,551Mn for the current quarter against SAR 2,686Mn in the previous quarter of the current year with a decrease of SAR 135Mn.

Net income before zakat and income tax reached to SAR 9,068Mn for the current period against SAR 8,141Mn in the similar period of the previous year with an increase of SAR 926Mn. Moreover, net income after zakat and income tax attributable to common equity holders of the bank reached to SAR 8,012Mn for the current period against SAR 6,888Mn in the similar period of the previous year with

an increase of SAR 1,123Mn.

Net impairment charge for financing and advances reached to SAR 674Mn for the current quarter against SAR 610Mn in the similar quarter of the previous year with an increase of SAR 64Mn.

Net impairment charge for financing and advances reached to SAR 674Mn for the current quarter against SAR 328Mn in the previous quarter of the current year with an increase of SAR 346Mn.

Net impairment charge for financing and advances reached to SAR 1,146Mn for the current period against SAR 943Mn in the similar period of the previous year with an increase of SAR 203Mn.

EPS for the current and the previous years are calculated by dividing the net income attributable to common equity holders of the bank (adjusted for Tier 1 Sukuk costs) for the periods by the weighted average number of shares outstanding 2,991,716k (2018: 2,989,822k).

Starting from the quarter ended 30 June 2019, Zakat and income tax are to be accrued at end of each financial reporting period and recognized in consolidated statement of income with a corresponding liability recognized in the consolidated statement of financial position in accordance with International Financial Reporting Standards (IFRS) and other standards and pronouncements endorsed by SOCPA.”

*Investment related income includes Income from FVIS instruments, Dividend Income and Gains on non-FVIS financial instruments.

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