Saudi British Bank announces its Interim Financial Results for the Period Ending on 2021-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Total income from Special Commissions/Financing & Investments | 1,644 | 2,037 | -19.293 | 1,620 | 1.481 |
| Net Income from Special Commissions/Financing & Investments | 1,469 | 1,815 | -19.063 | 1,429 | 2.799 |
| Total Operation Profit (Loss) | 1,976 | 2,318 | -14.754 | 2,008 | -1.593 |
| Net Profit (Loss) before Zakat and Income Tax | 1,132 | -7,367 | - | 1,138 | -0.527 |
| Net Profit (Loss) | 919 | -6,867 | - | 970 | -5.257 |
| Total Comprehensive Income | 961 | -6,108 | - | 1,282 | -25.039 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total income from Special Commissions/Financing & Investments | 3,263 | 4,275 | -23.672 |
| Net Income from Special Commissions/Financing & Investments | 2,898 | 3,718 | -22.054 |
| Total Operation Profit (Loss) | 3,984 | 4,687 | -14.998 |
| Net Profit (Loss) before Zakat and Income Tax | 2,270 | -6,215 | - |
| Net Profit (Loss) | 1,889 | -5,896 | - |
| Total Comprehensive Income | 2,243 | -6,547 | - |
| Total Share Holders Equity (after Deducting Minority Equity) | 52,779 | 48,207 | 9.484 |
| Assets | 272,940 | 266,991 | 2.228 |
| Investments | 65,135 | 64,018 | 1.744 |
| Loans and Advances Portfolio (Financing & Investment) | 161,444 | 152,952 | 5.552 |
| Clients' deposits | 186,828 | 188,357 | -0.811 |
| Profit (Loss) per Share | 0.92 | -2.87 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Setting aside the one-off impact of the Goodwill impairment (SAR 7,418 million) recorded in the same quarter last year, the net income before Zakat and income tax was higher by SAR 1,081 million mainly contributed by lower provision for expected credit losses and total operating expenses. This was partially offset by a decrease in total operating income mainly contributed by lower net special commission income by 19%. Total operating expenses decreased mainly due to lower general and administration expenses and salaries and employee-related expenses. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | Net income before Zakat and income tax was marginally lower by 1% driven by lower total operating income and share in earnings of associates, as well as higher provision for expected credit losses. This was partially offset by a decrease in total operating expenses mainly driven by a decrease in salaries and employee-related expenses, depreciation and amortization and rent and premises-related expenses resulting from continued success in efficiency creation in terms of cost reduction. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Setting aside the one-off impact of the Goodwill impairment (SAR 7,418 million) recorded in the same period last year, the net income before Zakat and income tax was higher by SAR 1,067 million primarily driven by lower provision for expected credit losses and total operating expenses. This was partially offset by a decrease in total operating income mainly driven by lower net special income by 22%.
Total operating expenses decreased mainly on account of lower salaries and employee-related expenses and general and administrative expenses. This was partially offset by an increase in depreciation and amortization expenses. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | None |
| Reclassification of Comparison Items | Certain prior period figures have been re-classified to be aligned with the presentation in the current period. |
| Additional Information | Total operating expenses for the six month period ended 30 June 2021 were SAR 1,750 million, as compared to SAR 1,971 million in the same period of last year. Total operating expenses for the three month period ended 30 June 2021 were SAR 844 million, as compared to SAR 970 million in the same quarter of the last year, and as compared to SAR 907 million in the previous quarter.
Provision for expected credit losses for the six month period ended 30 June 2021 was SAR 27 million, as compared to SAR 1,548 million in the same period of last year. Provision for expected credit losses for the three month period ended 30 June 2021 was SAR 26 million, as compared to SAR 1,309 million in the same period of last year, and as compared to SAR 2 million in the previous quarter.
Provision for Zakat and income tax for the six month period ended 30 June 2021 amounted to SAR 381 million, as compared to reversal of provision for Zakat and income tax of SAR 318 million in the same period of last year. Provision for Zakat and income tax for the three month period ended 30 June 2021 amounted to SAR 213 million, as compared to reversal of provision for Zakat and income tax of SAR 500 million in the corresponding period of last year, and as compared to SAR 168 million in the previous quarter.
Earnings per share for the six month period ended 30 June 2021 and 30 June 2020 are calculated by dividing the net income after Zakat and income tax attributable to equity holders of the Bank by 2,055 million weighted average number of shares outstanding during the three and six month period ended 30 June 2021 and 30 June 2020. |
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