The Saudi National Bank announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Total income from Special Commissions/Financing & Investments | 6,887 | 4,888 | 40.896 | 6,698 | 2.821 |
| Net Income from Special Commissions/Financing & Investments | 6,082 | 4,198 | 44.878 | 5,783 | 5.17 |
| Total Operation Profit (Loss) | 7,800 | 5,638 | 38.346 | 7,501 | 3.986 |
| Net Profit (Loss) before Zakat and Income Tax | 4,310 | 3,569 | 20.762 | 2,414 | 78.541 |
| Net Profit (Loss) | 3,785 | 3,158 | 19.854 | 2,117 | 78.79 |
| Total Comprehensive Income | 3,257 | 2,821 | 15.455 | 2,944 | 10.631 |
| 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 | 18,486 | 14,633 | 26.33 |
| Net Income from Special Commissions/Financing & Investments | 16,044 | 12,313 | 30.301 |
| Total Operation Profit (Loss) | 21,074 | 15,709 | 34.152 |
| Net Profit (Loss) before Zakat and Income Tax | 10,541 | 9,168 | 14.976 |
| Net Profit (Loss) | 9,311 | 8,080 | 15.235 |
| Total Comprehensive Income | 8,290 | 7,645 | 8.436 |
| Total Share Holders Equity (after Deducting Minority Equity) | 159,706 | 75,462 | 111.637 |
| Assets | 902,720 | 576,632 | 56.55 |
| Investments | 235,783 | 144,200 | 63.511 |
| Loans and Advances Portfolio (Financing & Investment) | 503,696 | 336,409 | 49.727 |
| Clients' deposits | 589,190 | 408,474 | 44.241 |
| Profit (Loss) per Share | 2.25 | 2.59 | |
| 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 | Post the merger with Samba Financial Group on April 1, 2021 the bank recorded 19.9% higher net income attributable to equity holders of the bank mainly due to increase in operating income, offset by increase in operating expenses including net impairment charges attributable to the merger.
Total operating income increased by 38.4% mainly due to increase in net special commission income, fees from banking services, foreign exchange income, partially offset by increase in other operating expenses.
Total operating expenses including impairments increased by 72.2% mainly due to increase in net impairment charge for expected credit losses, other general and administrative expenses, salaries and employee expenses, rent and premises expense and depreciation/amortization of property, equipment, software, right of use assets. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | The bank recorded 78.8% higher net income attributable to equity holders of the bank mainly due to increase in total operating income and decrease in total operating expenses including net impairment charge for expected credit losses.
Total operating income increased by 4% mainly due to increase in net special commission income and foreign exchange income.
Total operating expenses including impairments decreased by 31.7% mainly due to lower net impairment charge for expected credit losses, rent and premises expenses . |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | After the merger with Samba Financial Group on April 1, 2021, the bank recorded 15.2% higher net income attributable to equity holders mainly due to increase in operating income and was partially offset by higher operating expenses including net impairment charge for expected credit losses.
Total operating income increased by 34.2% mainly from higher net special commission income, investment related income*, fees income from banking services, foreign exchange income. This was partially offset by higher other operating expenses.
Total operating expenses including impairments were higher by 61.9% mainly due to higher net impairment charge for expected credit losses pertaining to the day 1 of the merger as per IFRS requirements, other general and administrative expenses, salaries and employee expenses, depreciation/amortization of property, equipment, software, right of use assets and higher rent and premises expenses ascribed to merger. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Reclassification of Comparison Items | Some numbers have been re-classified for comparative reasons. |
| Additional Information | Net impairment charge for expected credit losses reached to SAR 725 million for the current quarter against SAR 379 million in the similar period of the previous year with an increase of 91.3%.
Net impairment charge for expected credit losses reached to SAR 725 million for the current quarter against SAR 2,408 million in the previous period of the current year with a decrease of 69.9%.
Net impairment charge for expected credit losses reached to SAR 3,412 million for the current period against SAR 1,603 million in the similar period of the previous year with an increase of 112.9%.
EPS for the current and the previous year 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 3,954,806K (2020: 2,992,522k).
Samba group income statement results was integrated starting from 1 April 2021 and for six months as per IFRS requirements.
*Investment related income includes Income from FVIS instruments, and Gains on non-FVIS financial instruments. |
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