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×Saudi British Bank net profit drops 3% in 9M 2016
Saudi British Bank (SABB) has reported a net profit of SAR 3.29 billion for the first nine months of 2016, 3.07 percent lower year-on-year on an 11 percent increase in gross operating expenses, attributed to higher loan loss provisions, as well as G&A expenses.
Financials (M)
| Item | 9m 2015 | 9m 2016 | Change |
|---|---|---|---|
| Net Special Commission Income | 3,177.53 | 3,520.86 | 10.8 % |
| Operating Income | 5,081.42 | 5,243.96 | 3.2 % |
| Net Income | 3,392.01 | 3,288.15 | (3.1 %) |
| Average Shares | 1,500.00 | 1,500.00 | - |
| EPS (Riyals) | 2.26 | 2.19 | (3.1 %) |
The bank’s net profit for third quarter fell 12.7 percent YoY to SAR 995 million, impacted by a 23.3 percent rise in gross operating expenses, higher provisions, and general expenses. The profit for the period was 13.55 percent lower compared to the previous quarter due to a 14.2 percent jump in gross operating expenses. Gross operating income for the period also fell by by 4.2 percent on lower income from fees and commissions.
Current Quarter Comparison (M)
| Item | Q3 2015 | Q3 2016 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,079.01 | 1,222.36 | 13.3 % |
| Operating Income | 1,689.26 | 1,687.30 | (0.1 %) |
| Net Income | 1,139.56 | 994.82 | (12.7 %) |
| Average Shares | 1,500.00 | 1,500.00 | - |
| EPS (Riyals) | 0.76 | 0.66 | (12.7 %) |
Balance Sheet (B)
| Item | 9m 2015 | 9m 2016 | Change |
|---|---|---|---|
| Assets | 197.20 | 185.90 | (5.7 %) |
| Customer Deposits | 155.85 | 144.08 | (7.6 %) |
| Loan | 129.57 | 125.87 | (2.9 %) |
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Share Price
| Current | |
| Market Cap (M Riyal) | 46,438.48 |
| Shares Outstanding ((M)) | 2,054.80 |
| EPS ( Riyal) (TTM) | 1.48 |
| Book Value (BV) ( Riyal) | 27.29 |
| P/E (TTM) | 16.41 |
| Price/book | 0.83 |
| Return on Average Assets (%) (TTM) | 1.3 |
| Return on Average Equity (%) (TTM) | 6.4 |
Financial results (Million)
| Period | Net Special Commission Income | Change | Operating Income | Change | Net Income | Change | EPS (Riyal) |
|---|---|---|---|---|---|---|---|
| Q1 2016 | 1,116.67 | 8.3 % | 1,795.56 | 4.6 % | 1,141.68 | 2.4 % | 0.76 |
| Q2 2016 | 1,181.84 | 10.8 % | 1,761.11 | 5.1 % | 1,151.65 | 1.3 % | 0.77 |
| Q3 2016 | 1,222.36 | 13.3 % | 1,687.30 | (0.1 %) | 994.82 | (12.7 %) | 0.66 |
Balance Sheet (B)
| Period | Assets | Change | Customer Deposits | Change | Loan | Change |
|---|---|---|---|---|---|---|
| Q1 2016 | 191.79 | 0.9 % | 151.88 | 1.9 % | 130.56 | 8.4 % |
| Q2 2016 | 191.87 | (0.2 %) | 150.27 | (0.6 %) | 131.10 | 3.3 % |
| Q3 2016 | 185.90 | (5.7 %) | 144.08 | (7.5 %) | 125.87 | (2.9 %) |
Profitability
| Period | Return On Average Assets | Return on Average Equity | Net Interest Income/Total Operating Income |
|---|---|---|---|
| Q1 2016 | 2.28 % | 15.92 % | 64.68 % |
| Q2 2016 | 2.28 % | 15.32 % | 65.54 % |
| Q3 2016 | 2.21 % | 14.69 % | 67.67 % |
Ratios
| Period | Customer Deposits Per Total Assets | Loans and advances/Total assets | Loans and advances/Customers Deposits |
|---|---|---|---|
| Q1 2016 | 79.19 % | 68.07 % | 85.97 % |
| Q2 2016 | 78.32 % | 68.33 % | 87.24 % |
| Q3 2016 | 77.50 % | 67.71 % | 87.36 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS | Adjusted EPS | Book Value (BV) |
|---|---|---|---|---|
| Q1 2016 | 1,500.00 | 2.90 | 2.90 | 19.09 |
| Q2 2016 | 1,500.00 | 2.91 | 2.91 | 19.87 |
| Q3 2016 | 1,500.00 | 2.82 | 2.82 | 20.10 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2016 | 10.71 | 10.71 | 1.63 |
| Q2 2016 | 9.55 | 9.55 | 1.40 |
| Q3 2016 | 9.03 | 9.03 | 1.27 |
Business Segments (Million)
Q3 2016
| Period | Corporate | Retail | Treasury | Other | Securities |
|---|---|---|---|---|---|
| Q1 2016 | 809.69 | 567.45 | 418.42 | - | - |
| Q2 2016 | 816.05 | 596.58 | 348.48 | - | - |
| Q3 2016 | 744.91 | 605.70 | 298.85 | 37.84 | - |
Analysts Estimates (Million)
| Item | Q3 2016 (e) | Q3 2016 (a) | Change |
|---|---|---|---|
| Average | 1,148.38 | 994.82 | (13.4 %) |
Estimates vs Actual (Million)
| Item | Q3 2016 (e) | Q3 2016 (a) | Change |
|---|---|---|---|
| NCB Capital | 1,126.00 | 994.82 | (13.2) % |
| Alistithmar Capital | 1,153.50 | 994.82 | (16.0) % |
| Sico | 1,156.00 | 994.82 | (16.2) % |
| Riyad Capital | 1,158.00 | 994.82 | (16.4) % |
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