Saudi British Bank announces its Interim Financial Results for the Period Ending on 2023-03-31 ( Three Months )

07 May 2023 08:53 AM

SAB 1060 13.71% 39.80 4.80

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Gross Income from Special Commissions/Financing & Investments	3,801	1,590	139.06	3,198	18.86
Net Income from Special Commissions/Financing & Investments	2,534	1,414	79.21	2,292	10.56
Total Operation Profit (Loss)	3,218	2,013	59.86	2,936	9.6
Net Profit (Loss) before Zakat and Income Tax	2,012	1,179	70.65	1,652	21.79
Net Profit (Loss)	1,765	1,004	75.8	1,389	27.07
Total Comprehensive Income	2,341	735	218.5	1,333	75.62
Total Provisions (Reversals) for Expected Credit and Other Losses, net	229	60	281.67	212	8.02
Total Operating Expenses Before Provisions for Credit and Other Losses	1,006	841	19.62	1,077	-6.59
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (excluding Non-Controlling Interest)	57,034	53,677	6.25
Assets	328,885	282,692	16.34
Investments	90,979	65,588	38.71
Loans and Advances Portfolio (Financing & Investment)	191,001	176,148	8.43
Total Provisions (Reversals) for Expected Credit and Other Losses, net	229	60	281.67
Total Operating Expenses Before Provisions for Credit and Other Losses	1,006	841	19.62
Clients' deposits	225,983	193,889	16.55
Profit (Loss) per Share	0.86	0.49
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	The net profit was higher by SAR 761 million, primarily driven by higher total operating income. This was partially offset by an increase in provision for expected credit losses and further contributed by an increase in the 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, and to a lesser extent, income from FVSI financial instruments and exchange income also drove an increase. These factors were partially offset by increase in net losses on non-FVSI investments and increase in other operating expenses. Total operating expenses increased primarily due to an increase in salaries and employee related expenses along with general and administrative expenses.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is	The net profit was higher by SAR 376 million, primarily driven by higher total operating income and decrease in the total operating expenses. This was partially offset by an increase in provision for expected credit losses 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, net fee and commission income and income from FVSI financial instruments also drove an increase. Total operating expenses decreased primarily due to decrease in general and administrative expenses.
Statement of the type of external auditor's report	Unmodified Conclusion
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	Earnings per share for the three month period ended 31 March 2023 and 31 March 2022 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 month period ended 31 March 2023 and 31 March 2022.

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