Saudi British Bank announces its Annual Financial Results for the Period Ending on 2022-12-31

09 February 2023 09:13 AM

SAB 1060 15.86% 40.55 5.55

Element List	Current Year	Previous Year	%Change
Gross Income from Special Commissions/Financing & Investments	9,322	6,379	46.13
Net Income from Special Commissions/Financing & Investments	7,408	5,717	29.58
Total Operation Profit (Loss)	9,697	7,678	26.3
Net Profit (Loss) before Zakat and Income Tax	5,762	3,927	46.73
Net Profit (Loss)	4,872	3,202	52.15
Total Comprehensive Income	3,658	3,463	5.63
Total Share Holders Equity (excluding Non-Controlling Interest)	54,683	52,926	3.32
Assets	314,451	272,396	15.44
Investments	86,363	64,904	33.06
Loans and Advances Portfolio (Financing & Investment)	183,132	167,556	9.29
Total Operating Expenses Before Provisions for Credit and Other Losses	3,662	3,429	6.79
Total Provisions (Reversals) for Expected Credit and Other Losses, net	445	454	-1.98
Clients' deposits	214,279	186,761	14.73
Profit (Loss) per Share	2.37	1.56
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	The net profit was higher by SAR 1,671 million, primarily driven by higher total operating income and further contributed by an increase in share in earnings of associates. This was partially offset by an increase in total operating expenses and provision for Zakat and income tax. Total operating income increased mainly due to an increase in net special commission income. In addition but to a lesser extent, income from FVSI financial instruments, exchange income and other operating income also drove an increase. These factors were, partially offset by an increase in net losses on FVOCI debt instruments and lower gains on non-FVSI financial instruments. Total operating expenses increased primarily due to an increase in general and administrative expenses and salaries and employee related expense, this was partially offset by a decrease in depreciation and amortization expenses and rent and premises related 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 comparative figures have been reclassified to conform to the current year presentation.
Additional Information	Total operating expenses for the year ended 31 December 2022 were SAR 3,662 million, as compared to SAR 3,429 million for the last year. Total operating expenses for the three month period ended 31 December 2022 were SAR 1,077 million, as compared to SAR 931 million in the same quarter of the last year, and as compared to SAR 881 million in the previous quarter. Provision for expected credit losses for the year ended 31 December 2022 was SAR 445 million, as compared to SAR 454 million for the last year. Provision for expected credit losses for the three month period ended 31 December 2022 was SAR 212 million, as compared to SAR 414 million in the same period of last year, and as compared to SAR 38 million in the previous quarter. Provision for Zakat and income tax for the year ended 31 December 2022 amounted to SAR 836 million, as compared to SAR 696 million for the last year. Provision for Zakat and income tax for the three month period ended 31 December 2022 amounted to SAR 239 million, as compared to SAR 166 million in the corresponding period of last year, and as compared to SAR 231 million in the previous quarter. Earnings per share for the year ended 31 December 2022 and 31 December 2021 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 year ended 31 December 2022 and 31 December 2021.

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