Bank Albilad net profit up slightly in 9M 2016

12/10/2016 Argaam Exclusive

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Bank Albilad reported a net profit of SAR 586.2 million for the first nine months of 2016, a 0.4 percent year-on-year (YoY) increase attributed to higher total operating income, driven by a rise in net income from investment and financing as well as other income.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Net Income from investments and financial activities 852.18 1,044.15 22.5 %
Operating Income 1,706.49 1,907.05 11.8 %
Total Provisions (70.98) (148.02) (108.5 %)
Net Income 584.04 586.20 0.4 %
Average Shares 1,250.00 1,250.00 -
EPS (Riyals) 0.47 0.47 0.4 %

Net profit for the third quarter was up 12 percent YoY at SAR 227.8 million as net income increased. The Q3 profit grew 24 percent when compared to the previous quarter on lower total operating expense.



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Net Income from investments and financial activities 293.70 361.74 23.2 %
Operating Income 566.39 638.56 12.7 %
Debt Provisions (25.73) (37.68) (46.4 %)
Net Income 203.44 227.81 12.0 %
Average Shares 1,250.00 1,250.00 -
EPS (Riyals) 0.16 0.18 12.0 %

Balance Sheet (B)

Item 9m 2015 9m 2016 Change‬
Assets 49.50 55.65 12.4 %
Customer Deposits 40.72 41.24 1.3 %
Financing Investments 32.29 36.25 12.3 %


Financial results (Million)

Period Net Income from investments and financial activities Change Operating Income Change Debt Provisions Change Net Income Change EPS(Riyal)
Q1 2007 109.79 50.7 % 171.23 (16.9 %) - - 25.69 (75.0 %) 0.02
Q2 2007 129.41 29.9 % 202.50 24.5 % - - 34.71 (21.5 %) 0.03
Q3 2007 146.30 57.7 % 197.41 38.9 % - - 39.11 27.3 % 0.03
Q4 2007 148.93 59.0 % 207.42 44.0 % - - (27.06) (10273.7 %) (0.02)
Q1 2008 146.86 33.8 % 223.19 30.3 % - - 50.83 97.8 % 0.04
Q2 2008 147.42 13.9 % 231.49 14.3 % - - 57.00 64.2 % 0.05
Q3 2008 135.09 (7.7 %) 217.86 10.4 % - - 44.64 14.1 % 0.04
Q4 2008 148.89 0.0 % 202.04 (2.6 %) (19.80) - (27.39) (1.2 %) (0.02)
Q1 2009 140.46 (4.4 %) 216.80 (2.9 %) (23.46) - 22.35 (56.0 %) 0.02
Q2 2009 138.42 (6.1 %) 238.54 3.0 % (24.53) - 26.85 (52.9 %) 0.02
Q3 2009 144.77 7.2 % 229.75 5.5 % (50.53) - 1.90 (95.7 %) 0.00
Q4 2009 124.46 (16.4 %) 223.96 10.8 % (203.84) (929.4 %) (299.49) (993.3 %) (0.24)
Q1 2010 148.48 5.7 % 286.09 32.0 % (43.34) (84.7 %) 52.58 135.3 % 0.04
Q2 2010 152.17 9.9 % 262.11 9.9 % (61.86) (152.2 %) 32.84 22.3 % 0.03
Q3 2010 162.88 12.5 % 272.67 18.7 % (90.64) (79.4 %) 2.37 24.4 % 0.00
Q4 2010 161.22 29.5 % 278.27 24.2 % (46.47) 77.2 % 4.54 101.5 % 0.00
Q1 2011 164.93 11.1 % 308.44 7.8 % (51.02) (17.7 %) 55.46 5.5 % 0.04
Q2 2011 178.45 17.3 % 337.98 28.9 % (50.26) 18.7 % 81.67 148.7 % 0.07
Q3 2011 176.74 8.5 % 334.56 22.7 % (50.93) 43.8 % 85.47 3514.0 % 0.07
Q4 2011 182.87 13.4 % 392.53 41.1 % (100.04) (115.3 %) 107.03 2258.5 % 0.09
Q1 2012 193.90 17.6 % 419.81 36.1 % (65.74) (28.9 %) 511.52 822.4 % 0.41
Q2 2012 205.62 15.2 % 444.52 31.5 % (57.84) (15.1 %) 153.45 87.9 % 0.12
Q3 2012 214.61 21.4 % 434.32 29.8 % (86.36) (69.6 %) 120.15 40.6 % 0.10
Q4 2012 225.38 23.2 % 438.74 11.8 % (65.28) 34.7 % 156.69 46.4 % 0.13
Q1 2013 221.95 14.5 % 449.81 7.1 % (64.65) 1.7 % 142.50 (72.1 %) 0.11
Q2 2013 227.73 10.8 % 481.49 8.3 % (44.01) 23.9 % 175.87 14.6 % 0.14
Q3 2013 246.85 15.0 % 486.78 12.1 % (40.07) 53.6 % 197.08 64.0 % 0.16
Q4 2013 250.10 11.0 % 499.15 13.8 % (26.55) 59.3 % 213.71 36.4 % 0.17
Q1 2014 227.06 2.3 % 477.51 6.2 % (4.65) 92.8 % 173.71 21.9 % 0.14
Q2 2014 258.97 13.7 % 533.99 10.9 % (24.41) 44.5 % 204.32 16.2 % 0.16
Q3 2014 264.41 7.1 % 550.55 13.1 % 9.14 122.8 % 237.06 20.3 % 0.19
Q4 2014 268.75 7.5 % 535.01 7.2 % 27.44 203.3 % 248.94 16.5 % 0.20
Q1 2015 271.92 19.8 % 555.18 16.3 % (16.12) (246.6 %) 174.14 0.2 % 0.14
Q2 2015 286.56 10.7 % 584.92 9.5 % (29.13) (19.3 %) 206.46 1.0 % 0.17
Q3 2015 293.70 11.1 % 566.39 2.9 % (25.73) (381.7 %) 203.44 (14.2 %) 0.16
Q4 2015 310.22 15.4 % 588.13 9.9 % (7.72) (128.1 %) 204.38 (17.9 %) 0.16
Q1 2016 333.75 22.7 % 626.99 12.9 % (56.41) (250.0 %) 174.52 0.2 % 0.14
Q2 2016 348.66 21.7 % 641.50 9.7 % (53.93) (85.1 %) 183.87 (10.9 %) 0.15
Q3 2016 361.74 23.2 % 638.56 12.7 % (37.68) (46.4 %) 227.81 12.0 % 0.18

Profitability

Period Return On Average Assets Return on Average Equity Net Profit/Investment Income & Other Financing Operations
Q1 2007 1.13 % 3.34 % 22.93 %
Q2 2007 0.78 % 2.99 % 18.07 %
Q3 2007 0.82 % 3.22 % 16.20 %
Q4 2007 0.52 % 2.36 % 10.14 %
Q1 2008 0.69 % 3.15 % 12.99 %
Q2 2008 0.78 % 3.81 % 15.98 %
Q3 2008 0.81 % 3.94 % 17.93 %
Q4 2008 0.77 % 3.96 % 18.69 %
Q1 2009 0.57 % 3.02 % 14.92 %
Q2 2009 0.42 % 2.05 % 10.60 %
Q3 2009 0.15 % 0.72 % 3.81 %
Q4 2009 (1.48 %) (7.99 %) (43.41 %)
Q1 2010 (1.21 %) (6.92 %) (38.25 %)
Q2 2010 (1.20 %) (6.66 %) (36.40 %)
Q3 2010 (1.17 %) (6.62 %) (35.13 %)
Q4 2010 0.48 % 3.02 % 14.29 %
Q1 2011 0.47 % 3.06 % 14.28 %
Q2 2011 0.70 % 4.57 % 20.72 %
Q3 2011 1.08 % 7.10 % 31.98 %
Q4 2011 1.35 % 10.11 % 45.28 %
Q1 2012 3.12 % 22.13 % 104.23 %
Q2 2012 3.33 % 23.43 % 110.00 %
Q3 2012 3.41 % 23.74 % 109.21 %
Q4 2012 3.28 % 24.19 % 109.44 %
Q1 2013 1.91 % 13.52 % 64.38 %
Q2 2013 1.91 % 13.56 % 65.20 %
Q3 2013 2.13 % 14.78 % 70.96 %
Q4 2013 2.21 % 15.40 % 74.81 %
Q1 2014 2.16 % 15.50 % 77.30 %
Q2 2014 2.12 % 15.53 % 77.24 %
Q3 2014 2.13 % 15.67 % 79.16 %
Q4 2014 2.12 % 15.72 % 80.55 %
Q1 2015 2.03 % 15.21 % 77.12 %
Q2 2015 1.92 % 14.99 % 75.48 %
Q3 2015 1.78 % 13.97 % 70.53 %
Q4 2015 1.63 % 12.78 % 63.64 %
Q1 2016 1.57 % 12.52 % 58.43 %
Q2 2016 1.48 % 11.97 % 51.62 %
Q3 2016 1.50 % 12.02 % 48.25 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Financing Investments Change
Q1 2007 11.30 73.3 % 7.98 160.0 % 9.74 75.5 %
Q2 2007 15.35 88.1 % 9.81 101.2 % 13.45 91.4 %
Q3 2007 15.78 83.4 % 11.87 129.8 % 13.69 84.2 %
Q4 2007 16.64 47.5 % 12.69 61.5 % 6.19 (35.8 %)
Q1 2008 17.09 51.2 % 13.22 65.7 % 13.20 35.5 %
Q2 2008 15.33 (0.1 %) 11.39 16.1 % 11.96 (11.1 %)
Q3 2008 15.34 (2.8 %) 10.54 (11.2 %) 12.04 (12.0 %)
Q4 2008 16.05 (3.5 %) 10.97 (13.5 %) 8.28 33.7 %
Q1 2009 17.06 (0.1 %) 12.91 (2.4 %) 9.09 (31.2 %)
Q2 2009 16.41 7.0 % 12.71 11.6 % 10.28 (14.0 %)
Q3 2009 17.02 10.9 % 12.14 15.2 % 10.56 (12.3 %)
Q4 2009 17.41 8.5 % 13.72 25.1 % 11.01 33.1 %
Q1 2010 18.98 11.2 % 14.32 10.9 % 11.19 23.1 %
Q2 2010 18.92 15.3 % 15.00 18.0 % 11.81 14.9 %
Q3 2010 19.18 12.7 % 14.81 22.0 % 11.66 10.3 %
Q4 2010 21.12 21.3 % 16.93 23.4 % 12.29 11.6 %
Q1 2011 21.89 15.3 % 17.51 22.3 % 12.62 12.7 %
Q2 2011 22.46 18.7 % 17.30 15.3 % 13.01 10.2 %
Q3 2011 22.78 18.8 % 17.96 21.3 % 13.02 11.7 %
Q4 2011 27.73 31.3 % 23.04 36.1 % 13.78 12.1 %
Q1 2012 28.54 30.4 % 22.91 30.8 % 15.06 19.4 %
Q2 2012 29.06 29.4 % 23.61 36.5 % 16.21 24.6 %
Q3 2012 29.53 29.6 % 23.55 31.1 % 17.21 32.2 %
Q4 2012 29.78 7.4 % 23.74 3.1 % 18.26 32.5 %
Q1 2013 31.33 9.8 % 25.28 10.4 % 18.69 24.1 %
Q2 2013 33.35 14.8 % 26.82 13.6 % 20.31 25.3 %
Q3 2013 33.58 13.7 % 26.33 11.8 % 21.21 23.3 %
Q4 2013 36.32 22.0 % 29.11 22.6 % 23.42 28.3 %
Q1 2014 39.01 24.5 % 31.39 24.2 % 24.28 29.9 %
Q2 2014 40.98 22.9 % 33.35 24.3 % 26.76 31.7 %
Q3 2014 44.06 31.2 % 36.80 39.8 % 27.52 29.7 %
Q4 2014 45.23 24.5 % 36.72 26.2 % 28.36 21.1 %
Q1 2015 46.31 18.7 % 37.86 20.6 % 29.09 19.8 %
Q2 2015 49.14 19.9 % 38.30 14.8 % 31.68 18.4 %
Q3 2015 49.50 12.3 % 40.72 10.6 % 32.29 17.3 %
Q4 2015 51.22 13.2 % 42.18 14.9 % 34.25 20.8 %
Q1 2016 54.30 17.2 % 43.93 16.0 % 37.33 28.3 %
Q2 2016 54.33 10.5 % 42.12 10.0 % 36.93 16.6 %
Q3 2016 55.65 12.4 % 41.24 1.3 % 36.25 12.3 %

Ratios

Period Customer Deposits Per Total Assets Financing Investments/Customer Deposits Financing Investments/Total Assets
Q1 2007 70.60 % 122.05 % 86.17 %
Q2 2007 63.89 % 137.07 % 87.58 %
Q3 2007 75.24 % 115.32 % 86.77 %
Q4 2007 76.28 % 48.78 % 37.21 %
Q1 2008 77.39 % 99.82 % 77.25 %
Q2 2008 74.29 % 105.00 % 78.00 %
Q3 2008 68.69 % 114.27 % 78.49 %
Q4 2008 68.35 % 75.44 % 51.56 %
Q1 2009 75.67 % 70.38 % 53.26 %
Q2 2009 77.48 % 80.87 % 62.66 %
Q3 2009 71.31 % 87.06 % 62.08 %
Q4 2009 78.80 % 80.27 % 63.26 %
Q1 2010 75.44 % 78.16 % 58.96 %
Q2 2010 79.31 % 78.74 % 62.45 %
Q3 2010 77.24 % 78.70 % 60.79 %
Q4 2010 80.19 % 72.58 % 58.20 %
Q1 2011 80.02 % 72.03 % 57.64 %
Q2 2011 77.04 % 75.21 % 57.94 %
Q3 2011 78.83 % 72.48 % 57.13 %
Q4 2011 83.09 % 59.81 % 49.70 %
Q1 2012 80.27 % 65.75 % 52.78 %
Q2 2012 81.26 % 68.65 % 55.78 %
Q3 2012 79.74 % 73.08 % 58.28 %
Q4 2012 79.73 % 76.89 % 61.31 %
Q1 2013 80.70 % 73.92 % 59.65 %
Q2 2013 80.44 % 75.72 % 60.91 %
Q3 2013 78.40 % 80.57 % 63.17 %
Q4 2013 80.14 % 80.44 % 64.46 %
Q1 2014 80.47 % 77.34 % 62.23 %
Q2 2014 81.40 % 80.22 % 65.29 %
Q3 2014 83.53 % 74.78 % 62.46 %
Q4 2014 81.19 % 77.21 % 62.69 %
Q1 2015 81.74 % 76.84 % 62.81 %
Q2 2015 77.94 % 82.72 % 64.47 %
Q3 2015 82.26 % 79.30 % 65.24 %
Q4 2015 82.35 % 81.21 % 66.88 %
Q1 2016 80.90 % 84.98 % 68.75 %
Q2 2016 77.53 % 87.68 % 67.98 %
Q3 2016 74.12 % 87.88 % 65.14 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2007 1,250.00 0.08 0.08 - 2.44
Q2 2007 1,250.00 0.07 0.07 - 2.47
Q3 2007 1,250.00 0.08 0.08 - 2.50
Q4 2007 1,250.00 0.06 0.06 - 2.48
Q1 2008 1,250.00 0.08 0.08 - 2.52
Q2 2008 1,250.00 0.10 0.10 - 2.57
Q3 2008 1,250.00 0.10 0.10 - 2.59
Q4 2008 1,250.00 0.10 0.10 - 2.57
Q1 2009 1,250.00 0.08 0.08 - 2.60
Q2 2009 1,250.00 0.05 0.05 - 2.63
Q3 2009 1,250.00 0.02 0.02 - 2.64
Q4 2009 1,250.00 (0.20) (0.20) - 2.40
Q1 2010 1,250.00 (0.17) (0.17) - 2.45
Q2 2010 1,250.00 (0.17) (0.17) - 2.46
Q3 2010 1,250.00 (0.17) (0.17) - 2.47
Q4 2010 1,250.00 0.07 0.07 - 2.48
Q1 2011 1,250.00 0.08 0.08 - 2.52
Q2 2011 1,250.00 0.12 0.12 - 2.58
Q3 2011 1,250.00 0.18 0.18 - 2.64
Q4 2011 1,250.00 0.26 0.26 - 2.73
Q1 2012 1,250.00 0.63 0.33 - 3.16
Q2 2012 1,250.00 0.69 0.39 - 3.27
Q3 2012 1,250.00 0.71 0.42 - 3.37
Q4 2012 1,250.00 0.75 0.45 - 3.50
Q1 2013 1,250.00 0.46 0.46 - 3.62
Q2 2013 1,250.00 0.48 0.48 - 3.75
Q3 2013 1,250.00 0.54 0.54 - 3.91
Q4 2013 1,250.00 0.58 0.58 - 4.08
Q1 2014 1,250.00 0.61 0.61 - 4.23
Q2 2014 1,250.00 0.63 0.63 - 4.38
Q3 2014 1,250.00 0.66 0.66 - 4.55
Q4 2014 1,250.00 0.69 0.69 - 4.71
Q1 2015 1,250.00 0.69 0.69 - 4.86
Q2 2015 1,250.00 0.69 0.69 - 4.87
Q3 2015 1,250.00 0.67 0.67 - 4.98
Q4 2015 1,250.00 0.63 0.63 - 5.15
Q1 2016 1,250.00 0.63 0.63 - 5.22
Q2 2016 1,250.00 0.61 0.61 - 5.37
Q3 2016 1,250.00 0.63 0.63 - 5.54

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 More than 100 More than 100 3.53
Q2 2007 More than 100 More than 100 2.78
Q3 2007 More than 100 More than 100 3.03
Q4 2007 More than 100 More than 100 3.90
Q1 2008 More than 100 More than 100 3.03
Q2 2008 More than 100 More than 100 3.69
Q3 2008 More than 100 More than 100 3.69
Q4 2008 More than 100 More than 100 2.62
Q1 2009 More than 100 More than 100 2.41
Q2 2009 More than 100 More than 100 2.37
Q3 2009 More than 100 More than 100 2.03
Q4 2009 NEG NEG 2.10
Q1 2010 NEG NEG 2.09
Q2 2010 NEG NEG 2.01
Q3 2010 NEG NEG 1.97
Q4 2010 More than 100 More than 100 1.90
Q1 2011 More than 100 More than 100 1.87
Q2 2011 40.24 40.24 1.79
Q3 2011 24.26 24.26 1.67
Q4 2011 18.13 18.13 1.75
Q1 2012 10.91 20.78 2.17
Q2 2012 9.37 16.59 1.96
Q3 2012 9.51 16.35 2.01
Q4 2012 9.04 14.97 1.95
Q1 2013 17.48 17.48 2.21
Q2 2013 17.08 17.08 2.17
Q3 2013 18.87 18.87 2.60
Q4 2013 19.21 19.21 2.75
Q1 2014 22.42 22.42 3.23
Q2 2014 22.67 22.67 3.27
Q3 2014 26.68 26.68 3.89
Q4 2014 20.66 20.66 3.03
Q1 2015 21.26 21.26 3.02
Q2 2015 22.08 22.08 3.14
Q3 2015 14.73 14.73 1.97
Q4 2015 15.62 15.62 1.91
Q1 2016 14.70 14.70 1.78
Q2 2016 14.21 14.21 1.62
Q3 2016 11.49 11.49 1.31

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Investment Banking and Brokerage Others.. Remittances ( Enjaz Centers)
Q1 2007 33.68 49.87 42.11 - 26.61 18.96
Q2 2007 39.44 82.05 21.75 - 29.53 29.74
Q3 2007 38.87 82.68 12.89 - 33.73 29.25
Q4 2007 45.91 92.18 18.44 - 16.84 34.04
Q1 2008 53.45 102.68 24.41 - 7.48 35.16
Q2 2008 47.77 99.93 26.61 - 20.03 37.14
Q3 2008 46.68 101.56 0.78 17.00 10.68 41.16
Q4 2008 6.48 108.57 11.69 12.03 24.00 39.27
Q1 2009 52.51 92.95 4.87 12.38 3.66 50.44
Q2 2009 67.07 96.00 13.30 14.60 (1.31) 48.89
Q3 2009 21.00 77.26 87.28 3.26 (0.03) 40.97
Q4 2009 95.63 65.29 43.32 5.21 14.51 -
Q1 2010 133.14 103.02 31.24 8.35 10.35 -
Q2 2010 128.03 90.01 32.80 10.29 0.98 -
Q3 2010 159.09 74.17 29.24 6.79 3.37 -
Q4 2010 151.01 86.08 34.01 7.53 (0.36) -
Q1 2011 179.47 88.48 20.50 9.52 10.47 -
Q2 2011 192.55 99.42 22.41 14.95 8.65 -
Q3 2011 204.28 93.78 24.26 7.78 4.45 -
Q4 2011 219.47 126.47 26.02 10.69 9.88 -
Q1 2012 241.11 118.81 30.91 18.52 10.46 -
Q2 2012 261.73 119.22 32.57 18.17 12.83 -
Q3 2012 254.41 124.91 30.06 14.59 10.35 -
Q4 2012 243.68 136.57 31.71 11.83 14.95 -
Q1 2013 257.22 135.34 27.66 14.33 15.26 -
Q2 2013 264.54 134.89 28.33 23.60 30.13 -
Q3 2013 269.28 152.66 30.52 13.20 21.11 -
Q4 2013 269.04 154.16 32.37 15.55 28.03 -
Q1 2014 274.17 129.83 34.19 17.18 22.14 -
Q2 2014 283.90 162.80 33.34 21.15 32.81 -
Q3 2014 286.30 168.17 33.43 23.51 39.13 -
Q4 2014 291.45 175.40 37.14 17.37 13.65 -
Q1 2015 297.14 174.28 40.34 20.20 23.22 -
Q2 2015 320.04 179.49 40.35 19.74 25.31 -
Q3 2015 309.89 184.09 43.80 14.69 13.92 -
Q4 2015 320.79 195.70 37.65 19.96 14.03 -
Q1 2016 325.02 199.98 57.52 19.95 24.53 -
Q2 2016 325.63 196.32 65.10 17.66 36.80 -
Q3 2016 322.86 194.82 62.14 20.17 38.57 -

Analysts Estimates (Million)

Item Q3 2016 (e) Q3 2016 (a) Change‬
Average 191.55 227.81 18.93 %

Estimates vs Actual (Million)

Item Q3 2016 (e) Q3 2016 (a) Change
Alistithmar Capital 199.50 227.81 14.2 %
SNB Capital 193.00 227.81 18.0 %
KASB Capital 188.60 227.81 20.8 %
AlJazira Capital 185.10 227.81 23.1 %


Financial Ratios
Current
Market Cap (M) 41,500.00
Shares Outstanding ((M)) 1,250.00
EPS ( Riyal) (TTM) 1.96
EPS Diluted ( Riyal) (TTM) 1.97
Book Value (BV) ( Riyal) 12.56
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.92
P/E (TTM) 16.92
Price/book 2.64
Return on Average Assets (%) (TTM) 1.8
Return on Average Equity (%) (TTM) 16.5
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Share Price

Bank Albilad
33.20
(0.40) (1.19 %)

Bank Albilad (ALBILAD)

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