Saudi British Bank net profit drops 3% in 9M 2016

13/10/2016 Argaam Exclusive

 

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 2,054.80 2,054.80 -
EPS (Riyals) 1.65 1.60 (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)

Compared With The
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 2,054.80 2,054.80 -
EPS (Riyals) 0.55 0.48 (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

Saudi British Bank
33.90
0.50 1.50 %

Financial Ratios
Current
Market Cap (M Riyal) 69,657.72
Shares Outstanding ((M)) 2,054.80
EPS ( Riyal) (TTM) 1.78
Book Value (BV) ( Riyal) 25.69
Adjusted P/E (Last12) 17.59
P/E (TTM) 19.10
Price/book 1.32
Return on Average Assets (%) (TTM) 1.4
Return on Average Equity (%) (TTM) 7.2
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Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Net Income Change EPS (Riyal)
Q1 2007 711.24 21.3 % 1,027.88 (27.7 %) 616.31 (37.5 %) 0.30
Q2 2007 740.88 16.3 % 1,026.98 (14.9 %) 634.94 (22.8 %) 0.31
Q3 2007 783.03 16.8 % 1,100.04 12.6 % 650.86 0.8 % 0.32
Q4 2007 823.55 19.3 % 1,219.05 20.5 % 704.83 20.4 % 0.34
Q1 2008 854.42 20.1 % 1,191.39 15.9 % 757.01 22.8 % 0.37
Q2 2008 818.45 10.5 % 1,330.34 29.5 % 795.05 25.2 % 0.39
Q3 2008 755.46 (3.5 %) 1,177.59 7.0 % 711.14 9.3 % 0.35
Q4 2008 778.72 (5.4 %) 1,212.21 (0.6 %) 656.82 (6.8 %) 0.32
Q1 2009 880.93 3.1 % 1,286.25 8.0 % 759.95 0.4 % 0.37
Q2 2009 894.07 9.2 % 1,382.89 4.0 % 675.99 (15.0 %) 0.33
Q3 2009 854.14 13.1 % 1,304.49 10.8 % 570.46 (19.8 %) 0.28
Q4 2009 807.61 3.7 % 1,186.65 (2.1 %) 25.88 (96.1 %) 0.01
Q1 2010 770.14 (12.6 %) 1,205.11 (6.3 %) 620.81 (18.3 %) 0.30
Q2 2010 942.85 5.5 % 1,359.78 (1.7 %) 446.77 (33.9 %) 0.22
Q3 2010 799.77 (6.4 %) 1,158.18 (11.2 %) 418.94 (26.6 %) 0.20
Q4 2010 730.28 (9.6 %) 1,116.35 (5.9 %) 396.64 1432.7 % 0.19
Q1 2011 725.68 (5.8 %) 1,219.51 1.2 % 751.42 21.0 % 0.37
Q2 2011 778.89 (17.4 %) 1,347.80 (0.9 %) 851.57 90.6 % 0.41
Q3 2011 786.97 (1.6 %) 1,209.52 4.4 % 630.16 50.4 % 0.31
Q4 2011 730.44 0.0 % 1,121.78 0.5 % 655.28 65.2 % 0.32
Q1 2012 775.03 6.8 % 1,235.04 1.3 % 854.19 13.7 % 0.42
Q2 2012 826.65 6.1 % 1,377.72 2.2 % 914.98 7.4 % 0.45
Q3 2012 841.66 7.0 % 1,325.49 9.6 % 655.74 4.1 % 0.32
Q4 2012 820.75 12.4 % 1,228.22 9.5 % 815.39 24.4 % 0.40
Q1 2013 885.23 14.2 % 1,437.55 16.4 % 947.86 11.0 % 0.46
Q2 2013 938.92 13.6 % 1,501.66 9.0 % 1,004.67 9.8 % 0.49
Q3 2013 949.92 12.9 % 1,474.03 11.2 % 845.78 29.0 % 0.41
Q4 2013 945.22 15.2 % 1,400.43 14.0 % 975.51 19.6 % 0.47
Q1 2014 960.58 8.5 % 1,620.94 12.8 % 1,080.53 14.0 % 0.53
Q2 2014 1,008.65 7.4 % 1,663.75 10.8 % 1,157.23 15.2 % 0.56
Q3 2014 1,029.46 8.4 % 1,654.60 12.3 % 1,058.96 25.2 % 0.52
Q4 2014 1,063.92 12.6 % 1,562.92 11.6 % 969.35 (0.6 %) 0.47
Q1 2015 1,031.46 7.4 % 1,717.18 5.9 % 1,115.19 3.2 % 0.54
Q2 2015 1,067.05 5.8 % 1,674.98 0.7 % 1,137.26 (1.7 %) 0.55
Q3 2015 1,079.01 4.8 % 1,689.26 2.1 % 1,139.56 7.6 % 0.55
Q4 2015 1,076.35 1.2 % 1,549.21 (0.9 %) 938.54 (3.2 %) 0.46
Q1 2016 1,116.67 8.3 % 1,795.56 4.6 % 1,141.68 2.4 % 0.56
Q2 2016 1,181.84 10.8 % 1,761.11 5.1 % 1,151.65 1.3 % 0.56
Q3 2016 1,222.36 13.3 % 1,687.30 (0.1 %) 994.82 (12.7 %) 0.48

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
Q1 2007 79.53 8.0 % 59.83 9.7 % 42.75 8.2 %
Q2 2007 85.11 16.9 % 65.23 18.4 % 48.62 24.3 %
Q3 2007 89.58 15.9 % 70.29 17.8 % 54.19 31.6 %
Q4 2007 98.21 27.2 % 71.85 21.2 % 62.00 46.1 %
Q1 2008 106.41 33.8 % 78.41 31.0 % 66.62 55.8 %
Q2 2008 126.15 48.2 % 89.09 36.6 % 77.54 59.5 %
Q3 2008 132.62 48.1 % 95.73 36.2 % 83.58 54.2 %
Q4 2008 131.66 34.1 % 92.68 29.0 % 80.24 29.4 %
Q1 2009 132.57 24.6 % 96.63 23.2 % 79.31 19.0 %
Q2 2009 121.96 (3.3 %) 91.54 2.7 % 78.72 1.5 %
Q3 2009 123.91 (6.6 %) 89.25 (6.8 %) 78.83 (5.7 %)
Q4 2009 126.84 (3.7 %) 89.19 (3.8 %) 76.38 (4.8 %)
Q1 2010 120.53 (9.1 %) 90.02 (6.8 %) 75.70 (4.6 %)
Q2 2010 120.31 (1.4 %) 94.16 2.9 % 74.75 (5.0 %)
Q3 2010 118.35 (4.5 %) 90.67 1.6 % 74.69 (5.3 %)
Q4 2010 125.37 (1.2 %) 94.67 6.2 % 74.25 (2.8 %)
Q1 2011 126.01 4.5 % 96.87 7.6 % 76.24 0.7 %
Q2 2011 129.54 7.7 % 99.15 5.3 % 79.82 6.8 %
Q3 2011 131.93 11.5 % 100.75 11.1 % 82.35 10.3 %
Q4 2011 138.66 10.6 % 105.58 11.5 % 84.81 14.2 %
Q1 2012 144.05 14.3 % 111.62 15.2 % 91.19 19.6 %
Q2 2012 151.90 17.3 % 117.58 18.6 % 94.74 18.7 %
Q3 2012 156.24 18.4 % 119.70 18.8 % 97.80 18.8 %
Q4 2012 156.65 13.0 % 120.43 14.1 % 96.10 13.3 %
Q1 2013 158.79 10.2 % 122.07 9.4 % 101.18 11.0 %
Q2 2013 161.94 6.6 % 125.89 7.1 % 106.00 11.9 %
Q3 2013 166.28 6.4 % 129.92 8.5 % 107.83 10.3 %
Q4 2013 177.30 13.2 % 138.96 15.4 % 106.11 10.4 %
Q1 2014 175.42 10.5 % 136.98 12.2 % 109.90 8.6 %
Q2 2014 175.47 8.4 % 138.30 9.9 % 112.71 6.3 %
Q3 2014 182.96 10.0 % 143.69 10.6 % 116.67 8.2 %
Q4 2014 187.61 5.8 % 145.87 5.0 % 115.22 8.6 %
Q1 2015 190.16 8.4 % 149.00 8.8 % 120.43 9.6 %
Q2 2015 192.33 9.6 % 151.10 9.3 % 126.96 12.6 %
Q3 2015 197.20 7.8 % 155.85 8.5 % 129.57 11.1 %
Q4 2015 187.75 0.1 % 148.89 2.1 % 125.95 9.3 %
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 2007 3.49 % 30.97 % 64.13 %
Q2 2007 3.14 % 26.78 % 69.56 %
Q3 2007 2.98 % 26.82 % 70.20 %
Q4 2007 2.97 % 26.29 % 69.93 %
Q1 2008 2.96 % 28.29 % 70.57 %
Q2 2008 2.75 % 28.25 % 67.75 %
Q3 2008 2.67 % 28.77 % 66.12 %
Q4 2008 2.54 % 26.47 % 65.30 %
Q1 2009 2.45 % 25.61 % 64.59 %
Q2 2009 2.26 % 23.34 % 65.41 %
Q3 2009 2.08 % 22.13 % 65.71 %
Q4 2009 1.57 % 16.47 % 66.60 %
Q1 2010 1.50 % 14.44 % 65.48 %
Q2 2010 1.37 % 12.18 % 66.75 %
Q3 2010 1.25 % 10.83 % 67.63 %
Q4 2010 1.49 % 13.35 % 67.01 %
Q1 2011 1.63 % 13.91 % 65.90 %
Q2 2011 1.94 % 16.02 % 62.68 %
Q3 2011 2.10 % 16.82 % 61.76 %
Q4 2011 2.19 % 17.86 % 61.69 %
Q1 2012 2.22 % 18.18 % 62.50 %
Q2 2012 2.17 % 17.74 % 63.09 %
Q3 2012 2.14 % 17.28 % 62.72 %
Q4 2012 2.19 % 17.41 % 63.18 %
Q1 2013 2.20 % 17.68 % 62.85 %
Q2 2013 2.18 % 17.36 % 63.47 %
Q3 2013 2.24 % 17.58 % 63.72 %
Q4 2013 2.26 % 17.59 % 63.98 %
Q1 2014 2.34 % 18.15 % 63.28 %
Q2 2014 2.41 % 17.99 % 62.74 %
Q3 2014 2.45 % 18.06 % 62.21 %
Q4 2014 2.34 % 17.45 % 62.48 %
Q1 2015 2.35 % 17.51 % 62.64 %
Q2 2015 2.33 % 16.66 % 63.42 %
Q3 2015 2.29 % 16.52 % 63.84 %
Q4 2015 2.31 % 15.97 % 64.15 %
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 2007 75.23 % 53.75 % 71.44 %
Q2 2007 76.64 % 57.13 % 74.54 %
Q3 2007 78.47 % 60.49 % 77.09 %
Q4 2007 73.16 % 63.13 % 86.29 %
Q1 2008 73.69 % 62.61 % 84.97 %
Q2 2008 70.62 % 61.47 % 87.04 %
Q3 2008 72.19 % 63.02 % 87.30 %
Q4 2008 70.39 % 60.94 % 86.58 %
Q1 2009 72.89 % 59.83 % 82.08 %
Q2 2009 75.06 % 64.55 % 86.00 %
Q3 2009 72.03 % 63.62 % 88.33 %
Q4 2009 70.32 % 60.22 % 85.64 %
Q1 2010 74.68 % 62.80 % 84.09 %
Q2 2010 78.26 % 62.13 % 79.39 %
Q3 2010 76.61 % 63.11 % 82.37 %
Q4 2010 75.51 % 59.22 % 78.43 %
Q1 2011 76.87 % 60.50 % 78.70 %
Q2 2011 76.54 % 61.62 % 80.50 %
Q3 2011 76.37 % 62.42 % 81.74 %
Q4 2011 76.14 % 61.17 % 80.33 %
Q1 2012 77.49 % 63.31 % 81.70 %
Q2 2012 77.40 % 62.37 % 80.57 %
Q3 2012 76.61 % 62.60 % 81.71 %
Q4 2012 76.88 % 61.34 % 79.79 %
Q1 2013 76.88 % 63.72 % 82.89 %
Q2 2013 77.74 % 65.46 % 84.20 %
Q3 2013 78.13 % 64.85 % 83.00 %
Q4 2013 78.38 % 59.85 % 76.36 %
Q1 2014 78.09 % 62.65 % 80.23 %
Q2 2014 78.82 % 64.23 % 81.50 %
Q3 2014 78.54 % 63.77 % 81.20 %
Q4 2014 77.75 % 61.42 % 78.99 %
Q1 2015 78.36 % 63.33 % 80.83 %
Q2 2015 78.57 % 66.01 % 84.02 %
Q3 2015 79.03 % 65.71 % 83.14 %
Q4 2015 79.30 % 67.08 % 84.59 %
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)

Compared With The
Period Shares Outstanding (M) EPS Adjusted EPS Book Value (BV)
Q1 2007 2,054.80 1.30 1.30 4.42
Q2 2007 2,054.80 1.21 1.21 4.70
Q3 2007 2,054.80 1.21 1.21 4.71
Q4 2007 2,054.80 1.27 1.27 5.07
Q1 2008 2,054.80 1.34 1.34 5.03
Q2 2008 2,054.80 1.42 1.42 5.32
Q3 2008 2,054.80 1.44 1.44 5.33
Q4 2008 2,054.80 1.42 1.42 5.66
Q1 2009 2,054.80 1.42 1.42 6.07
Q2 2009 2,054.80 1.36 1.36 6.38
Q3 2009 2,054.80 1.30 1.30 6.38
Q4 2009 2,054.80 0.99 0.99 6.35
Q1 2010 2,054.80 0.92 0.92 6.68
Q2 2010 2,054.80 0.81 0.81 6.92
Q3 2010 2,054.80 0.74 0.74 7.21
Q4 2010 2,054.80 0.92 0.92 7.38
Q1 2011 2,054.80 0.98 0.98 7.41
Q2 2011 2,054.80 1.18 1.18 7.78
Q3 2011 2,054.80 1.28 1.28 8.01
Q4 2011 2,054.80 1.41 1.41 8.35
Q1 2012 2,054.80 1.46 1.46 8.61
Q2 2012 2,054.80 1.49 1.49 8.98
Q3 2012 2,054.80 1.50 1.50 9.34
Q4 2012 2,054.80 1.58 1.58 9.77
Q1 2013 2,054.80 1.62 1.62 9.74
Q2 2013 2,054.80 1.67 1.67 10.21
Q3 2013 2,054.80 1.76 1.76 10.66
Q4 2013 2,054.80 1.84 1.84 11.11
Q1 2014 2,054.80 1.90 1.90 11.20
Q2 2014 2,054.80 1.98 1.98 11.75
Q3 2014 2,054.80 2.08 2.08 12.36
Q4 2014 2,054.80 2.08 2.08 12.69
Q1 2015 2,054.80 2.09 2.09 12.70
Q2 2015 2,054.80 2.08 2.08 13.26
Q3 2015 2,054.80 2.12 2.12 13.33
Q4 2015 2,054.80 2.11 2.11 13.71
Q1 2016 2,054.80 2.12 2.12 13.94
Q2 2016 2,054.80 2.13 2.13 14.50
Q3 2016 2,054.80 2.06 2.06 14.67

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 22.37 22.37 6.58
Q2 2007 19.44 19.44 5.00
Q3 2007 21.48 21.48 5.52
Q4 2007 28.25 28.25 7.06
Q1 2008 26.38 26.38 7.01
Q2 2008 25.86 25.86 6.88
Q3 2008 19.43 19.43 5.27
Q4 2008 15.23 15.23 3.82
Q1 2009 17.58 17.58 4.12
Q2 2009 16.79 16.79 3.59
Q3 2009 20.50 20.50 4.16
Q4 2009 21.99 21.99 3.43
Q1 2010 26.22 26.22 3.62
Q2 2010 26.00 26.00 3.04
Q3 2010 31.67 31.67 3.23
Q4 2010 22.04 22.04 2.74
Q1 2011 23.01 23.01 3.04
Q2 2011 17.88 17.88 2.71
Q3 2011 15.43 15.43 2.47
Q4 2011 14.51 14.51 2.44
Q1 2012 16.71 16.71 2.83
Q2 2012 14.62 14.62 2.42
Q3 2012 13.52 13.52 2.17
Q4 2012 12.64 12.64 2.04
Q1 2013 13.68 13.68 2.28
Q2 2013 14.84 14.84 2.42
Q3 2013 14.71 14.71 2.43
Q4 2013 15.97 15.97 2.64
Q1 2014 16.48 16.48 2.80
Q2 2014 16.40 16.40 2.76
Q3 2014 19.64 19.64 3.30
Q4 2014 18.74 18.74 3.07
Q1 2015 15.36 15.36 2.53
Q2 2015 15.94 15.94 2.50
Q3 2015 13.15 13.15 2.09
Q4 2015 11.74 11.74 1.81
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)

Compared With The
Period Retail sector Corporate Treasury other Securities
Q1 2007 526.23 403.73 97.92 - -
Q2 2007 461.87 468.62 96.50 - -
Q3 2007 507.67 471.21 121.17 - -
Q4 2007 376.93 361.44 150.20 - 330.47
Q1 2008 591.82 388.18 77.52 - 133.87
Q2 2008 473.54 532.90 205.10 - 118.81
Q3 2008 447.31 454.16 177.94 - 98.17
Q4 2008 419.85 514.04 204.33 - -
Q1 2009 484.36 524.07 227.29 50.53 -
Q2 2009 503.04 618.77 189.35 71.74 -
Q3 2009 467.23 593.76 196.41 47.08 -
Q4 2009 441.71 484.74 208.05 52.15 -
Q1 2010 403.76 511.21 246.58 43.56 -
Q2 2010 384.04 699.00 229.58 47.16 -
Q3 2010 398.51 541.00 192.05 26.62 -
Q4 2010 358.22 514.65 200.68 42.80 -
Q1 2011 350.78 549.66 274.21 44.85 -
Q2 2011 327.14 666.38 297.10 57.17 -
Q3 2011 366.71 602.41 240.40 - -
Q4 2011 352.28 551.92 217.57 - -
Q1 2012 381.97 584.90 268.17 - -
Q2 2012 414.83 671.08 291.82 - -
Q3 2012 409.91 639.95 275.63 - -
Q4 2012 398.00 572.92 257.30 - -
Q1 2013 449.73 669.42 318.40 - -
Q2 2013 513.72