Riyad Bank's H1 profit up 4% to SAR 2.3 bln

09/07/2015 Argaam Exclusive

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Share Price

Riyad Bank
26.95
0.50 1.89 %

Riyad Bank (RIBL)

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Riyad Bank, the fourth largest Saudi lender, reported SAR 2.3 billion in profit for H1-2015, a four percent increase compared to the same period last year. The increase was attributed to higher operating income.



Financials (M)

Item 6m 2014 6m 2015 Change‬
Net Special Commission Income 2,486.02 2,575.22 3.6 %
Operating Income 4,027.01 3,949.23 (1.9 %)
Total Provisions (466.74) (443.14) 5.1 %
Net Income 2,215.71 2,299.83 3.8 %
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 0.74 0.77 3.8 %
EPS Diluted (Riyals) 0.74 0.77 4.1 %

 

Second quarter profit, however, declined 3.8 percent when compared to the previous quarter. It also edged down slightly by 0.7 percent when compared to the second quarter of 2014 due to higher expenses.



Current Quarter Comparison (M)

Compared With The
Item Q2 2014 Q2 2015 Change‬
Net Special Commission Income 1,256.38 1,293.48 3.0 %
Operating Income 2,094.96 1,901.43 (9.2 %)
Debt Provisions (262.98) (315.33) (19.9 %)
Net Income 1,136.26 1,128.23 (0.7 %)
Average Shares 3,000.00 3,000.00 -
EPS (Riyals) 0.38 0.38 (0.7 %)
EPS Diluted (Riyal) 0.38 0.38 0.0 %

Balance Sheet (B)

Item 6m 2014 6m 2015 Change‬
Assets 213.99 222.48 4.0 %
Customer Deposits 160.10 167.07 4.4 %
Loan 140.77 137.10 (2.6 %)


Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Debt Provisions Change Net Income Change EPS(Riyal)
Q1 2006 725.37 16.7 % 1,343.88 54.9 % (67.47) (56.3 %) 872.41 67.3 % 0.36
Q2 2006 768.46 15.6 % 1,134.51 7.0 % (71.48) (73.9 %) 681.94 (27.3 %) 0.28
Q3 2006 717.08 4.2 % 1,134.09 2.2 % (80.45) 0.3 % 651.13 (2.5 %) 0.27
Q4 2006 715.15 2.6 % 1,273.65 10.1 % (153.10) (224.8 %) 703.06 (1.0 %) 0.29
Q1 2007 770.42 6.2 % 1,207.02 (10.2 %) (89.42) (32.5 %) 655.05 (24.9 %) 0.27
Q2 2007 825.30 7.4 % 1,373.54 21.1 % (59.55) 16.7 % 847.55 24.3 % 0.35
Q3 2007 836.78 16.7 % 1,246.97 10.0 % (75.88) 5.7 % 715.88 9.9 % 0.30
Q4 2007 833.88 16.6 % 1,340.60 5.3 % (120.68) 21.2 % 792.76 12.8 % 0.33
Q1 2008 980.52 27.3 % 1,212.23 0.4 % (52.15) 41.7 % 690.71 5.4 % 0.29
Q2 2008 985.19 19.4 % 1,446.00 5.3 % (47.18) 20.8 % 906.35 6.9 % 0.30
Q3 2008 1,012.53 21.0 % 1,058.35 (15.1 %) (16.70) 78.0 % 512.55 (28.4 %) 0.17
Q4 2008 968.57 16.2 % 1,531.78 14.3 % (233.04) (93.1 %) 529.15 (33.3 %) 0.18
Q1 2009 1,112.12 13.4 % 1,459.36 20.4 % (184.84) (254.4 %) 441.06 (36.1 %) 0.15
Q2 2009 1,147.72 16.5 % 1,524.41 5.4 % (95.51) (102.4 %) 918.00 1.3 % 0.31
Q3 2009 1,026.69 1.4 % 1,400.83 32.4 % (153.59) (819.6 %) 759.38 48.2 % 0.25
Q4 2009 1,060.65 9.5 % 1,575.51 2.9 % (184.60) 20.8 % 912.04 72.4 % 0.30
Q1 2010 1,012.44 (9.0 %) 1,469.41 0.7 % (278.99) (50.9 %) 684.46 55.2 % 0.23
Q2 2010 1,027.65 (10.5 %) 1,527.26 0.2 % (196.16) (105.4 %) 765.80 (16.6 %) 0.26
Q3 2010 1,059.71 3.2 % 1,498.16 6.9 % (299.78) (95.2 %) 610.76 (19.6 %) 0.20
Q4 2010 1,041.98 (1.8 %) 1,485.62 (5.7 %) (160.15) 13.2 % 763.60 (16.3 %) 0.25
Q1 2011 984.01 (2.8 %) 1,526.84 3.9 % (160.31) 42.5 % 741.24 8.3 % 0.25
Q2 2011 1,066.59 3.8 % 1,569.68 2.8 % (87.45) 55.4 % 835.99 9.2 % 0.28
Q3 2011 1,063.54 0.4 % 1,572.56 5.0 % (150.94) 49.6 % 794.28 30.0 % 0.26
Q4 2011 1,082.89 3.9 % 1,606.72 8.2 % (263.02) (64.2 %) 777.85 1.9 % 0.26
Q1 2012 1,068.47 8.6 % 1,643.89 7.7 % (152.87) 4.6 % 901.48 21.6 % 0.30
Q2 2012 1,095.22 2.7 % 1,804.29 14.9 % (386.55) (342.0 %) 914.40 9.4 % 0.30
Q3 2012 1,117.21 5.0 % 1,667.72 6.1 % (327.28) (116.8 %) 840.03 5.8 % 0.28
Q4 2012 1,100.58 1.6 % 1,670.38 4.0 % (312.95) (19.0 %) 810.13 4.2 % 0.27
Q1 2013 1,089.59 2.0 % 1,724.64 4.9 % (191.13) (25.0 %) 950.98 5.5 % 0.32
Q2 2013 1,166.34 6.5 % 1,815.48 0.6 % (197.21) 49.0 % 967.91 5.9 % 0.32
Q3 2013 1,214.55 8.7 % 1,738.69 4.3 % (139.62) 57.3 % 997.93 18.8 % 0.33
Q4 2013 1,226.52 11.4 % 1,795.22 7.5 % (99.46) 68.2 % 1,030.29 27.2 % 0.34
Q1 2014 1,229.64 12.9 % 1,932.04 12.0 % (203.77) (6.6 %) 1,079.45 13.5 % 0.36
Q2 2014 1,256.38 7.7 % 2,094.96 15.4 % (262.98) (33.3 %) 1,136.26 17.4 % 0.38
Q3 2014 1,315.71 8.3 % 1,990.25 14.5 % (217.40) (55.7 %) 1,076.29 7.9 % 0.36
Q4 2014 1,328.51 8.3 % 1,994.52 11.1 % (215.92) (117.1 %) 1,060.41 2.9 % 0.35
Q1 2015 1,281.74 4.2 % 2,047.81 6.0 % (127.80) 37.3 % 1,171.60 8.5 % 0.39
Q2 2015 1,293.48 3.0 % 1,901.43 (9.2 %) (315.33) (19.9 %) 1,128.23 (0.7 %) 0.38

Profitability

Period Return On Average Assets Return on Average Equity Net Interest Income/Total Operating Income
Q1 2006 3.81 % 31.09 % 59.41 %
Q2 2006 3.46 % 28.92 % 60.67 %
Q3 2006 3.44 % 26.89 % 60.98 %
Q4 2006 3.34 % 25.34 % 59.88 %
Q1 2007 2.97 % 23.90 % 62.56 %
Q2 2007 2.99 % 26.06 % 60.70 %
Q3 2007 2.97 % 24.85 % 61.70 %
Q4 2007 2.80 % 23.92 % 63.20 %
Q1 2008 2.67 % 24.97 % 67.20 %
Q2 2008 2.56 % 16.80 % 69.32 %
Q3 2008 2.32 % 15.30 % 75.38 %
Q4 2008 1.88 % 13.57 % 75.20 %
Q1 2009 1.58 % 12.51 % 74.21 %
Q2 2009 1.52 % 9.17 % 76.09 %
Q3 2009 1.65 % 10.02 % 71.92 %
Q4 2009 1.80 % 11.24 % 72.94 %
Q1 2010 1.92 % 12.32 % 71.15 %
Q2 2010 1.82 % 11.30 % 69.10 %
Q3 2010 1.71 % 10.69 % 68.54 %
Q4 2010 1.61 % 9.83 % 69.26 %
Q1 2011 1.62 % 10.17 % 68.13 %
Q2 2011 1.70 % 10.14 % 68.29 %
Q3 2011 1.78 % 10.82 % 67.53 %
Q4 2011 1.78 % 10.61 % 66.88 %
Q1 2012 1.82 % 11.18 % 66.97 %
Q2 2012 1.89 % 11.16 % 65.03 %
Q3 2012 1.92 % 11.34 % 64.91 %
Q4 2012 1.87 % 11.16 % 64.56 %
Q1 2013 1.90 % 11.31 % 64.11 %
Q2 2013 1.92 % 11.40 % 65.04 %
Q3 2013 1.97 % 11.72 % 65.78 %
Q4 2013 2.00 % 11.99 % 66.40 %
Q1 2014 2.05 % 12.43 % 66.43 %
Q2 2014 2.09 % 12.97 % 65.17 %
Q3 2014 2.06 % 12.82 % 64.36 %
Q4 2014 2.07 % 12.54 % 64.03 %
Q1 2015 2.08 % 12.61 % 63.76 %
Q2 2015 2.03 % 12.61 % 65.79 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
Q1 2006 86.95 8.4 % 60.87 6.5 % 49.04 35.9 %
Q2 2006 92.41 19.6 % 68.58 25.7 % 50.08 25.4 %
Q3 2006 91.37 16.7 % 68.97 25.4 % 50.56 22.9 %
Q4 2006 94.02 17.4 % 69.19 31.2 % 52.18 14.4 %
Q1 2007 94.18 8.3 % 71.35 17.2 % 52.71 7.5 %
Q2 2007 98.45 6.5 % 71.99 5.0 % 57.18 14.2 %
Q3 2007 105.28 15.2 % 76.40 10.8 % 64.84 28.2 %
Q4 2007 121.35 29.1 % 84.33 21.9 % 67.34 29.0 %
Q1 2008 134.35 42.7 % 96.75 35.6 % 70.82 34.4 %
Q2 2008 144.13 46.4 % 88.47 22.9 % 82.30 43.9 %
Q3 2008 145.15 37.9 % 87.66 14.7 % 90.10 39.0 %
Q4 2008 159.65 31.6 % 105.06 24.6 % 96.43 43.2 %
Q1 2009 167.22 24.5 % 119.20 23.2 % 100.17 41.4 %
Q2 2009 172.77 19.9 % 122.07 38.0 % 104.58 27.1 %
Q3 2009 175.68 21.0 % 119.46 36.3 % 106.06 17.7 %
Q4 2009 176.40 10.5 % 125.28 19.2 % 106.51 10.5 %
Q1 2010 174.29 4.2 % 128.11 7.5 % 106.28 6.1 %
Q2 2010 169.34 (2.0 %) 124.10 1.7 % 104.74 0.2 %
Q3 2010 171.72 (2.3 %) 124.24 4.0 % 105.04 (1.0 %)
Q4 2010 173.56 (1.6 %) 126.95 1.3 % 106.03 (0.5 %)
Q1 2011 180.72 3.7 % 133.14 3.9 % 109.36 2.9 %
Q2 2011 177.53 4.8 % 132.40 6.7 % 110.58 5.6 %
Q3 2011 180.37 5.0 % 132.33 6.5 % 112.14 6.8 %
Q4 2011 180.89 4.2 % 139.82 10.1 % 112.97 6.5 %
Q1 2012 183.39 1.5 % 139.54 4.8 % 113.69 4.0 %
Q2 2012 180.64 1.7 % 137.06 3.5 % 115.09 4.1 %
Q3 2012 177.10 (1.8 %) 134.93 2.0 % 115.29 2.8 %
Q4 2012 190.18 5.1 % 146.21 4.6 % 117.47 4.0 %
Q1 2013 186.45 1.7 % 143.96 3.2 % 120.92 6.4 %
Q2 2013 191.63 6.1 % 147.88 7.9 % 126.19 9.6 %
Q3 2013 201.80 13.9 % 154.19 14.3 % 129.90 12.7 %
Q4 2013 205.25 7.9 % 153.20 4.8 % 131.19 11.7 %
Q1 2014 211.41 13.4 % 159.95 11.1 % 136.77 13.1 %
Q2 2014 213.99 11.7 % 160.10 8.3 % 140.77 11.6 %
Q3 2014 217.07 7.6 % 161.64 4.8 % 140.70 8.3 %
Q4 2014 214.59 4.6 % 164.08 7.1 % 133.49 1.8 %
Q1 2015 216.53 2.4 % 165.02 3.2 % 138.04 0.9 %
Q2 2015 222.48 4.0 % 167.07 4.4 % 137.10 (2.6 %)

Ratios

Period Customer Deposits Per Total Assets Loans and advances/Total assets Loans and advances/Customers Deposits
Q1 2006 70.01 % 56.40 % 80.56 %
Q2 2006 74.21 % 54.19 % 73.03 %
Q3 2006 75.49 % 55.34 % 73.31 %
Q4 2006 73.60 % 55.50 % 75.42 %
Q1 2007 75.76 % 55.97 % 73.87 %
Q2 2007 73.13 % 58.08 % 79.43 %
Q3 2007 72.57 % 61.59 % 84.88 %
Q4 2007 69.49 % 55.49 % 79.85 %
Q1 2008 72.01 % 52.71 % 73.20 %
Q2 2008 61.38 % 57.10 % 93.02 %
Q3 2008 60.39 % 62.07 % 102.78 %
Q4 2008 65.80 % 60.40 % 91.79 %
Q1 2009 71.29 % 59.91 % 84.04 %
Q2 2009 70.66 % 60.53 % 85.67 %
Q3 2009 68.00 % 60.37 % 88.78 %
Q4 2009 71.02 % 60.38 % 85.02 %
Q1 2010 73.50 % 60.98 % 82.96 %
Q2 2010 73.29 % 61.86 % 84.40 %
Q3 2010 72.35 % 61.17 % 84.55 %
Q4 2010 73.14 % 61.10 % 83.53 %
Q1 2011 73.67 % 60.51 % 82.14 %
Q2 2011 74.58 % 62.28 % 83.51 %
Q3 2011 73.37 % 62.17 % 84.74 %
Q4 2011 77.30 % 62.45 % 80.80 %
Q1 2012 76.09 % 62.00 % 81.48 %
Q2 2012 75.87 % 63.71 % 83.97 %
Q3 2012 76.19 % 65.10 % 85.44 %
Q4 2012 76.88 % 61.77 % 80.34 %
Q1 2013 77.21 % 64.85 % 83.99 %
Q2 2013 77.17 % 65.85 % 85.33 %
Q3 2013 76.41 % 64.37 % 84.25 %
Q4 2013 74.64 % 63.92 % 85.63 %
Q1 2014 75.66 % 64.70 % 85.51 %
Q2 2014 74.82 % 65.78 % 87.93 %
Q3 2014 74.47 % 64.82 % 87.05 %
Q4 2014 76.46 % 62.21 % 81.36 %
Q1 2015 76.21 % 63.75 % 83.65 %
Q2 2015 75.10 % 61.62 % 82.06 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2006 2,402.84 1.33 1.20 - 4.56
Q2 2006 2,402.84 1.22 1.22 - 4.39
Q3 2006 2,402.84 1.21 1.21 - 4.70
Q4 2006 2,402.84 1.21 1.21 - 4.99
Q1 2007 2,402.84 1.12 1.12 - 4.82
Q2 2007 2,402.84 1.19 1.19 - 4.74
Q3 2007 2,402.84 1.22 1.22 - 5.08
Q4 2007 2,402.84 1.25 1.25 - 5.49
Q1 2008 2,402.84 1.27 1.27 - 5.34
Q2 2008 3,000.00 1.04 1.04 - 8.53
Q3 2008 3,000.00 0.97 0.97 - 8.57
Q4 2008 3,000.00 0.88 0.88 - 8.56
Q1 2009 3,000.00 0.80 0.80 - 8.45
Q2 2009 3,000.00 0.80 0.80 - 8.92
Q3 2009 3,000.00 0.88 0.88 - 9.05
Q4 2009 3,000.00 1.01 1.01 - 9.41
Q1 2010 3,000.00 1.09 1.09 - 9.27
Q2 2010 3,000.00 1.04 1.04 - 9.50
Q3 2010 3,000.00 0.99 0.99 - 9.49
Q4 2010 3,000.00 0.94 0.94 - 9.74
Q1 2011 3,000.00 0.96 0.96 - 9.62
Q2 2011 3,000.00 0.98 0.98 - 9.91
Q3 2011 3,000.00 1.05 1.05 - 9.84
Q4 2011 3,000.00 1.05 1.05 - 10.05
Q1 2012 3,000.00 1.10 1.10 - 10.11
Q2 2012 3,000.00 1.13 1.13 - 10.32
Q3 2012 3,000.00 1.14 1.14 - 10.35
Q4 2012 3,000.00 1.16 1.16 - 10.65
Q1 2013 3,000.00 1.17 1.17 - 10.61
Q2 2013 3,000.00 1.19 1.19 - 10.54
Q3 2013 3,000.00 1.24 1.24 - 10.85
Q4 2013 3,000.00 1.32 1.32 - 11.29
Q1 2014 3,000.00 1.36 1.36 - 11.25
Q2 2014 3,000.00 1.41 1.41 - 11.27
Q3 2014 3,000.00 1.44 1.44 - 11.62
Q4 2014 3,000.00 1.45 1.45 1.45 11.85
Q1 2015 3,000.00 1.48 1.48 1.48 12.25
Q2 2015 3,000.00 1.48 1.39 1.48 12.19

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 30.74 33.88 8.95
Q2 2006 26.61 26.61 7.40
Q3 2006 20.08 20.08 5.18
Q4 2006 17.31 17.31 4.20
Q1 2007 16.10 16.10 3.74
Q2 2007 14.68 14.68 3.69
Q3 2007 16.16 16.16 3.86
Q4 2007 24.62 24.62 5.62
Q1 2008 20.23 20.23 4.80
Q2 2008 17.15 17.15 2.08
Q3 2008 16.18 16.18 1.83
Q4 2008 12.05 12.05 1.24
Q1 2009 12.87 12.87 1.21
Q2 2009 15.35 15.35 1.38
Q3 2009 16.94 16.94 1.65
Q4 2009 13.31 13.31 1.43
Q1 2010 13.97 13.97 1.65
Q2 2010 13.50 13.50 1.48
Q3 2010 14.28 14.28 1.49
Q4 2010 14.13 14.13 1.36
Q1 2011 13.74 13.74 1.37
Q2 2011 12.02 12.02 1.19
Q3 2011 11.32 11.32 1.20
Q4 2011 11.10 11.10 1.16
Q1 2012 11.69 11.69 1.28
Q2 2012 10.18 10.18 1.11
Q3 2012 9.92 9.92 1.10
Q4 2012 9.95 9.95 1.08
Q1 2013 9.77 9.77 1.08
Q2 2013 10.46 10.46 1.18
Q3 2013 10.59 10.59 1.21
Q4 2013 11.10 11.10 1.29
Q1 2014 12.84 12.84 1.55
Q2 2014 12.69 12.69 1.59
Q3 2014 14.65 14.65 1.82
Q4 2014 11.72 11.72 1.43
Q1 2015 11.36 11.36 1.37
Q2 2015 11.26 11.98 1.37

Business Segments (Million)

Compared With The
Period Corporate and Institutional Banking Retail Trade and other business Investment Banking and Brokerage Others..
Q1 2006 287.69 483.81 452.60 - 119.79
Q2 2006 234.35 714.25 90.42 - 95.49
Q3 2006 383.14 577.96 85.88 - 87.12
Q4 2006 282.60 476.51 366.70 - 147.85
Q1 2007 403.82 511.96 183.86 - 107.37
Q2 2007 518.82 502.76 243.71 - 108.25
Q3 2007 520.89 524.01 106.32 - 95.75
Q4 2007 461.08 561.37 206.98 - 111.17
Q1 2008 597.99 499.80 (72.41) 67.68 119.17
Q2 2008 542.56 485.49 190.47 110.43 117.05
Q3 2008 560.18 462.30 (326.35) 99.38 262.83
Q4 2008 358.14 379.30 391.39 66.94 336.00
Q1 2009 543.46 404.68 112.81 45.18 353.24
Q2 2009 661.63 442.30 53.16 64.67 302.65
Q3 2009 655.93 389.83 (0.25) 46.33 309.00
Q4 2009 657.71 428.86 (31.26) 82.33 437.87
Q1 2010 645.79 396.76 152.93 52.71 221.22
Q2 2010 596.25 441.75 214.00 70.11 205.15
Q3 2010 592.32 442.06 261.22 48.11 154.46
Q4 2010 614.60 375.11 223.17 58.55 214.19
Q1 2011 666.58 454.30 64.92 70.63 270.42
Q2 2011 741.78 516.95 468.40 80.77 (238.22)
Q3 2011 724.26 444.10 274.09 69.30 60.80
Q4 2011 723.67 506.07 262.36 76.83 37.80
Q1 2012 679.04 509.01 230.75 109.10 115.98
Q2 2012 762.63 531.61 415.54 91.62 2.90
Q3 2012 775.24 448.93 263.35 78.57 101.61
Q4 2012 726.82 517.09 240.89 74.23 111.34
Q1 2013 742.94 526.07 318.13 86.74 50.77
Q2 2013 832.84 629.02 258.35 88.54 6.73
Q3 2013 791.26 604.78 255.57 84.63 2.45
Q4 2013 845.08 613.48 209.64 92.89 34.14
Q1 2014 923.48 587.96 269.14 92.29 59.18
Q2 2014 889.64 681.85 334.94 113.23 75.32
Q3 2014 858.09 615.03 349.86 102.37 64.91
Q4 2014 950.36 617.23 242.76 100.75 83.42
Q1 2015 939.86 652.58 326.35 92.89 36.12
Q2 2015 886.75 658.54 251.82 103.87 267.05

Analysts Estimates (Million)

Item Q2 2015 (e) Q2 2015 (a) Change‬
Average 1,215.00 1,128.23 (7.1 %)

Estimates vs Actual (Million)

Item Q2 2015 (e) Q2 2015 (a) Change
Alistithmar Capital 1,213.90 1,128.23 (7.1) %
OSOOL AND BAKHEET 1,216.10 1,128.23 (7.2) %


Financial Ratios
Current
Market Cap (M Riyal) 80,850.00
Shares Outstanding ((M)) 3,000.00
EPS ( Riyal) (TTM) 2.70
EPS Diluted ( Riyal) (TTM) 2.60
Book Value (BV) ( Riyal) 17.84
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 9.98
P/E (TTM) 9.98
Price/book 1.51
Return on Average Assets (%) (TTM) 2.1
Return on Average Equity (%) (TTM) 15.8
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