Combined profits of banks in Saudi Arabia grew five percent to SAR 11.16 billion in first quarter, compared to SAR 10.59 billion from the same period in 2014.

 

The figures exclude the earnings of foreign branches operating in the kingdom. 

 

Saudi Banks’ Combined Earnings

Change

Q1-2015

Q1-2014

Period

+5%

11.16

10.59

Combined earnings (SAR bln)
 

The rise was bolstered by improved earnings of Tadawul-listed banks, except for Al-Rajhi, which saw an 11 percent decline year-on-year in its bottom line. Lower operating income and higher operating expenses hurt the kingdom’s second largest bank.

 

Banks’ combined earnings were driven by an increase in net special commissions and operating income, as well as lower operating expenses.

 

Bank Al-Jazira, Saudi Hollandi, and Saudi Fransi topped the list in terms of growth rates. 

 

Combined Earnings in Q1-2015 / Q1-2014 (SAR mln)

Change

Q1-2015

Q1-2014

Period

+3%

2,605.6

2,535.0

NCB

+9%

1,172.0

1,079.0

RIBL

+43%

227.0

159.0

BJAZ

+9%

366.7

337.5

Saudi Investment

+29%

538.9

417.0

Saudi Hollandi

+23%

1,050.0

856.0

Saudi Fransi

+3%

1,115.2

1,080.5

SABB

+8%

770.6

712.9

ANB

+3%

1,278.0

1,240.0

SAMBA

(11%)

1519.0

1,706.0

Al-Rajhi
 

--

174.1

173.7

Al-Bilad

+17%

344.0

293.0

Alinma

+5%

1,1161.1

10,590.0

Total

 

Saudi banks trade at a price/earnings ratio ranging between 10.6x and 27.0x. Thus, the sector average P/E stands at 12.8x, with Q1 figures adjusted for the full year.

 

P/E Ratios based on Q1-2015 figures

P/E Ratio

*(x)

Closing Price

SAR (April 15, 2015)

EPS

(SAR/share)*

Bank

12.5

64.77

5.20

NCB

11.0

17.10

1.56

RIBL

13.2

30.07

2.28

BJAZ

10.8

24.19

2.24

Saudi Investment

11.4

42.68

3.76

Saudi Hollandi

10.6

37.04

3.48

Saudi Fransi

11.9

35.18

2.96

SABB

11.3

34.90

3.08

ANB

10.8

27.76

2.56

SAMBA

16.1

59.81

3.72

Al-Rajhi

27.0

37.81

1.40

Al-Bilad

24.5

22.53

0.92

Alinma
   

12.8 x

Sector’s average P/E ratio

* Adjusted for the full year

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