Arab National Bank (ANB) reported a 9.6% decline in net profit to SAR 582 million for Q1 2021, compared to SAR 644 million in the year-earlier period.
The decrease is mainly due to a fall in net special commission income and an increase in allowances for expected credit losses. However, special commission expense and salaries and employee-related costs declined while realized and unrealized gains on investments increased.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,290.76 | 1,179.55 | (8.6 %) |
| Operating Income | 1,489.61 | 1,423.15 | (4.5 %) |
| Debt Provisions | (198.35) | (335.01) | (68.9 %) |
| Net Income | 643.79 | 582.23 | (9.6 %) |
| Average Shares | 2,000.00 | 2,000.00 | - |
| EPS (Riyals) | 0.32 | 0.29 | (9.6 %) |
| EPS Diluted (Riyal) | 0.32 | 0.29 | (9.6 %) |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,168.21 | 1,179.55 | 1.0 % |
| Operating Income | 1,401.07 | 1,423.15 | 1.6 % |
| Debt Provisions | (534.74) | (335.01) | 37.3 % |
| Net Income | 273.87 | 582.23 | 112.6 % |
| Average Shares | 2,000.00 | 2,000.00 | - |
| EPS (Riyals) | 0.14 | 0.29 | 112.6 % |
| EPS Diluted (Riyal) | 0.14 | 0.29 | 112.6 % |
When compared to the previous quarter, net profit in Q1 2021 more than doubled, thanks to an increase in net special commission income, fees and commission income, as well as gain on sale of debt financial assets.
| Item | 3m 2020 | 3m 2021 | Change |
|---|---|---|---|
| Assets | 184.87 | 177.44 | (4.0 %) |
| Customer Deposits | 135.98 | 125.16 | (8.0 %) |
| Loan | 119.94 | 115.56 | (3.7 %) |
Shareholders’ equity, excluding minority interest, rose 8.27% to SAR 29.97 billion by the end of Q1 2021, compared to SAR 27.68 billion in the year-ago period.
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