Samba Financial Group announces its Interim Financial Results for the Period Ending on 2019-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Total Revenue from Special Commissions/Financing & Investments | 2,102 | 1,955 | 7.519 | 2,088 | 0.67 |
| Net Income from Special Commissions/Financing & Investments | 1,564 | 1,589 | -1.573 | 1,608 | -2.736 |
| Total Operation Profit (Loss) | 2,195 | 2,111 | 3.979 | 2,171 | 1.105 |
| Net Profit (Loss) | 1,226 | 1,258 | -2.543 | 935 | 31.122 |
| Total Comprehensive Income | 1,410 | 1,005 | 40.298 | 1,822 | -22.612 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Revenue from Special Commissions/Financing & Investments | 6,322 | 5,538 | 14.156 |
| Net Income from Special Commissions/Financing & Investments | 4,817 | 4,564 | 5.543 |
| Total Operation Profit (Loss) | 6,562 | 6,128 | 7.082 |
| Net Profit (Loss) | 3,226 | 3,646 | -11.519 |
| Total Comprehensive Income | 5,627 | 3,771 | 49.217 |
| Total Share Holders Equity (after Deducting Minority Equity) | 44,487 | 42,811 | 3.914 |
| Assets | 237,342 | 228,278 | 3.97 |
| Investments | 82,972 | 64,862 | 27.92 |
| Loans and Advances Portfolio (Financing & Investment) | 125,495 | 114,703 | 9.408 |
| Customer Deposits | 165,490 | 169,623 | -2.436 |
| Profit (Loss) per Share | 1.65 | 1.86 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Quarter Compared to Same Quarter Last Year is Attributed to | The Net Income after zakat and tax has decreased by 2.6% mainly due to increase in total operating expenses which increased by 17.1% mainly due to increase in depreciation, salaries and employee related expenses and provision for credit impairment. On the other hand total operating income increased by 4.0% mainly due to increase in Exchange Income, Trading Income and Fees and commission income. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | The Net Income after zakat and tax has increased by 31.1% mainly due to decrease in total operating expenses which decreased by 28.2% mainly due to decrease in provision for credit impairment. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Same Period Last Year is Attributed to | The Net Income after zakat and tax has decreased by 11.5% mainly due to increase in total operating expenses which increased by 46.1% mainly due to increase in provision for credit impairment. On the other hand total operating income increased by 7.1% mainly due to increase in net special commission income, income from investments held at FVIS, Exchange Income and gains on FVOCI debt. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | None noted |
| Reclassification of Comparison Items | Certain other prior period balances have also been reclassified to conform to the current period presentation. |
| 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 Net Income before zakat and tax for the 3 month and 9 month period ended 30 September 2019 was SAR 1,383 million ( 30 September 2018: SAR 1,417 million) and SAR 3,632 million( 30 September 2018: SAR 4,122 million) respectively. |
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