23/10/2018
|
Element
|
Current quarter
|
Similar quarter for previous year
|
% Change Current
|
Previous quarter
|
% Change Previous
|
|
TOTAL REVENUE FOR SPECIAL COMMISSIONS/INVESTMENTS
|
1,032
|
869
|
18.757
|
937
|
10.139
|
|
NET INCOME FOR SPECIAL COMMISSIONS/INVESTMENTS
|
570
|
509
|
11.984
|
546
|
4.396
|
|
TOTAL OPERATION PROFIT (LOSS)
|
701
|
702
|
-0.142
|
671
|
4.471
|
|
NET PROFIT (LOSS)
|
362
|
358
|
1.117
|
362
|
0.000
|
|
TOTAL COMPREHENSIVE INCOME
|
554
|
152
|
264.474
|
369
|
50.136
|
|
Element
|
Current period
|
similar period for previous year
|
% Change
|
|
TOTAL REVENUE FOR SPECIAL COMMISSIONS/INVESTMENTS
|
2,859
|
2,591
|
10.343
|
|
NET INCOME FOR SPECIAL COMMISSIONS/INVESTMENTS
|
1,642
|
1,458
|
12.620
|
|
TOTAL OPERATION PROFIT (LOSS)
|
2,058
|
1,982
|
3.835
|
|
Net profit (loss)
|
1,084
|
1,059
|
2.361
|
|
TOTAL COMPREHENSIVE INCOME
|
1,121
|
764
|
46.728
|
|
TOTAL SHARE HOLDERS EQUITY (AFTER DEDUCTING MINORITY EQUITY)
|
12,500
|
13,190
|
-5.231
|
|
ASSETS
|
95,450
|
98,333
|
-2.932
|
|
INVESTMENTS
|
24,694
|
21,840
|
13.068
|
|
LOANS AND ADVANCES PORTFOLIO
|
59,541
|
61,069
|
-2.502
|
|
CUSTOMER DEPOSIT
|
64,019
|
71,065
|
-9.915
|
|
PROFIT (LOSS) PER SHARE
|
1.45
|
1.41
|
|
All figures are in (Millions) Saudi Arabia, Riyals
|
ELEMENT
|
EXPLANATION
|
|
REASON FOR INCREASE (DECREASE) IN NET PROFIT FOR CURRENT QUARTER COMPARED TO THE SAME QUARTER OF THE PREVIOUS YEAR
|
NET INCOME INCREASED DUE TO A DECREASE IN TOTAL OPERATING EXPENSES BY 2.4% RESULTING FROM A DECREASE IN IMPAIRMENT CHARGE FOR EQUITY INVESTMENTS, AND OTHER GENERAL AND ADMINISTRATIVE EXPENSES. THIS WAS OFFSET BY AN INCREASE IN PROVISIONS FOR CREDIT LOSSES, SALARIES AND EMPLOYEE RELATED EXPENSES, RENT AND PREMISES RELATED EXPENSES, AND DEPRECIATION AND AMORTIZATION. ON THE OTHER HAND, OPERATING INCOME DECREASED 0.1% PRIMARILY DUE TO A DECREASE IN GAINS ON INVESTMENTS, DIVIDEND INCOME, AND FAIR VALUE THROUGH PROFIT AND LOSS (FVTPL). THIS WAS OFFSET PRIMARILY BY AN INCREASE IN NET SPECIAL COMMISSION INCOME, AND FEE INCOME FROM BANKING SERVICES.
|
|
REASON FOR INCREASE (DECREASE) IN NET PROFIT FOR CURRENT QUARTER COMPARED TO THE PREVIOUS QUARTER
|
NET INCOME SLIGHTLY INCREASED DUE TO AN INCREASE IN TOTAL OPERATING INCOME BY 4.4% RESULTING FROM AN INCREASE IN NET SPECIAL COMMISSION INCOME, FAIR VALUE THROUGH PROFIT AND LOSS (FVTPL), AND EXCHANGE INCOME. THIS WAS OFFSET PRIMARILY BY A DECREASE IN FEE INCOME FROM BANKING SERVICES, AND DIVIDEND INCOME. ON THE OTHER HAND, TOTAL OPERATING EXPENSES INCREASED 10.7% PRIMARILY DUE TO AN INCREASE IN PROVISIONS FOR CREDIT LOSSES, SALARIES AND EMPLOYEE RELATED EXPENSES, AND RENT AND PREMISES RELATED EXPENSES. THIS WAS OFFSET BY A DECREASE IN OTHER GENERAL AND ADMINISTRATIVE EXPENSES.
|
|
REASON FOR INCREASE (DECREASE) IN NET PROFIT FOR CURRENT PERIOD COMPARED TO THE SIMILAR PERIOD OF THE PREVIOUS YEAR
|
NET INCOME INCREASED DUE TO AN INCREASE IN TOTAL OPERATING INCOME BY 3.8% RESULTING FROM AN INCREASE IN NET SPECIAL COMMISSIONS INCOME, FEE INCOME FROM BANKING SERVICES, AND EXCHANGE INCOME. THIS WAS PARTIALLY OFFSET BY A DECREASE IN GAINS ON INVESTMENTS, FAIR VALUE THROUGH PROFIT AND LOSS (FVTPL), AND DIVIDEND INCOME. ON THE OTHER HAND, TOTAL OPERATING EXPENSES INCREASED BY 4.1% RESULTING FROM AN INCREASE IN PROVISIONS FOR CREDIT LOSSES, SALARIES AND EMPLOYEE RELATED EXPENSES, RENT AND PREMISES RELATED EXPENSES, DEPRECIATION AND AMORTIZATION, AND OTHER GENERAL AND ADMINISTRATIVE EXPENSES.
|
|
TYPE OF THE EXTERNAL AUDITOR'S OPINION
|
UNMODIFIED OPINION.
|
|
EXTERNAL AUDITOR'S REPORT CONTAINING RESERVATION
|
NONE.
|
|
RECLASSIFICATIONS IN QUARTER FINANCIAL RESULTS
|
THE PREVIOUS PERIOD NUMBERS HAVE BEEN RECLASSIFIED/ ADJUSTED TO CONFORM TO THE CURRENT PERIOD PRESENTATION.
|
|
ADDITIONAL INFORMATION
|
SON SEPTEMBER 27, 2018, THE BANK COMPLETED THE PURCHASE OF 56,245,350 SHARES OF THE BANK OWNED BY J.P. MORGAN INTERNATIONAL FINANCE LIMITED FOR SAR 13.50 PER SHARE PLUS TRANSACTION COSTS FOR A TOTAL PRICE OF SAR 760.5 MILLION. THE SHARE CAPITAL OF THE BANK HAS NOT BEEN REDUCED AS A RESULT OF THE TRANSACTION WITH THE COST OF THE SHARES PURCHASED PRESENTED AS A REDUCTION OF SHAREHOLDERS’ EQUITY.
EARNINGS PER SHARE FOR THE NINE MONTHS OF 2018 WAS SAR 1.45, WHICH WAS CALCULATED BY DIVIDING NET INCOME FOR THE PERIOD BY 748.9 MILLION SHARES REPRESENTING THE AVERAGE OF THE ISSUED AND OUTSTANDING SHARES AFTER GIVING EFFECT TO THE PURCHASE OF 56,245,350 TREASURY SHARES ON SEPTEMBER 27, 2018. TOTAL EQUITY (NO MINORITY INTEREST) INCREASED BY 2.1% TO REACH SAR 14.3 BILLION AS OF SEPTEMBER 30, 2018 COMPARED TO SAR 14.0 BILLION AS OF SEPTEMBER 30, 2017. TOTAL EQUITY AS OF SEPTEMBER 30, 2018 INCLUDES SAR 1,785 MILLION IN TIER 1 SUKUK, SAR 500 MILLION ISSUED IN THE FOURTH QUARTER OF 2016, SAR 285 MILLION ISSUED IN THE SECOND QUARTER OF 2017, AND SAR 1,000 MILLION ISSUED IN THE FIRST QUARTER OF 2018. |
