Bank Aljazira’s 9M profit jumps nearly 14% on higher operating income

31/10/2018 Argaam Exclusive

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Bank Aljazira
15.64
(0.24) (1.51 %)

Bank Aljazira (BJAZ)

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Bank Aljazira’s net profit for the first nine months of 2018 rose 13.6 percent year-on-year to SAR 753.8 million thanks to higher operating income, net special commission income, and net exchange income.



Financials (M)

Item 9m 2017 9m 2018 Change‬
Net Special Commission Income 1,357.51 1,416.05 4.3 %
Operating Income 1,931.66 1,984.15 2.7 %
Total Provisions (194.18) (78.92) 59.4 %
Net Income 663.76 728.11 9.7 %
Average Shares 709.43 1,025.00 44.5 %
EPS (Riyals) 0.94 0.71 (24.1 %)

The third-quarter net profit grew by 12 percent YoY at SAR 255 million due to a decline in operating expenses and net credit impairment charges.

 

Compared to the previous quarter, Q3 net income edged up 0.7 percent.  



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Net Special Commission Income 470.08 478.61 1.8 %
Operating Income 669.25 665.81 (0.5 %)
Debt Provisions (85.43) (22.60) 73.5 %
Net Income 227.63 247.36 8.7 %
Average Shares 709.43 1,025.00 44.5 %
EPS (Riyals) 0.32 0.24 (24.8 %)

Balance Sheet (B)

Item 9m 2017 9m 2018 Change‬
Assets 67.53 71.73 6.2 %
Customer Deposits 49.68 50.21 1.1 %
Loan 40.93 40.26 (1.6 %)


Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Debt Provisions Change Net Income Change EPS(Riyal)
Q1 2009 172.59 3.4 % 276.60 (19.1 %) 0.55 131.7 % 102.23 (33.3 %) 0.14
Q2 2009 186.48 11.1 % 349.41 5.5 % (39.65) (68.8 %) 121.23 21.4 % 0.17
Q3 2009 161.91 4.9 % 358.16 39.2 % (115.68) (99820.7 %) 69.79 14.6 % 0.10
Q4 2009 146.80 3.1 % 186.86 (9.4 %) (257.31) (613.3 %) (265.72) (189.5 %) (0.37)
Q1 2010 168.44 (2.4 %) 305.10 10.3 % (110.00) (20283.5 %) 12.61 (87.7 %) 0.02
Q2 2010 187.78 0.7 % 295.20 (15.5 %) (93.82) (136.6 %) 21.31 (82.4 %) 0.03
Q3 2010 175.35 8.3 % 292.61 (18.3 %) (93.36) 19.3 % 22.13 (68.3 %) 0.03
Q4 2010 185.69 26.5 % 262.16 40.3 % (65.05) 74.7 % (27.14) 89.8 % (0.04)
Q1 2011 183.23 8.8 % 276.26 (9.5 %) 4.25 103.9 % 62.29 393.9 % 0.09
Q2 2011 191.66 2.1 % 308.29 4.4 % (43.99) 53.1 % 64.20 201.3 % 0.09
Q3 2011 210.03 19.8 % 293.71 0.4 % (22.72) 75.7 % 66.02 198.3 % 0.09
Q4 2011 196.53 5.8 % 329.83 25.8 % (7.89) 87.9 % 110.35 506.5 % 0.16
Q1 2012 218.62 19.3 % 425.74 54.1 % (47.73) (1223.5 %) 143.04 129.6 % 0.20
Q2 2012 241.06 25.8 % 408.51 32.5 % (56.81) (29.2 %) 129.17 101.2 % 0.18
Q3 2012 244.65 16.5 % 391.92 33.4 % (35.66) (56.9 %) 130.46 97.6 % 0.18
Q4 2012 246.55 25.4 % 371.41 12.6 % (32.28) (309.1 %) 97.81 (11.4 %) 0.14
Q1 2013 265.70 21.5 % 442.62 4.0 % (55.48) (16.3 %) 144.24 0.8 % 0.20
Q2 2013 301.98 25.3 % 448.47 9.8 % (31.05) 45.3 % 167.39 29.6 % 0.24
Q3 2013 323.13 32.1 % 471.88 20.4 % 2.93 108.2 % 188.68 44.6 % 0.27
Q4 2013 332.14 34.7 % 476.34 28.3 % (52.74) (63.4 %) 150.32 53.7 % 0.21
Q1 2014 321.65 21.1 % 510.06 15.2 % (65.38) (17.8 %) 159.33 10.5 % 0.22
Q2 2014 356.29 18.0 % 557.72 24.4 % (91.18) (193.6 %) 166.71 (0.4 %) 0.23
Q3 2014 377.60 16.9 % 582.83 23.5 % (211.19) (7312.6 %) 47.24 (75.0 %) 0.07
Q4 2014 389.54 17.3 % 545.87 14.6 % (15.36) 70.9 % 199.19 32.5 % 0.28
Q1 2015 396.23 23.2 % 624.38 22.4 % (36.68) 43.9 % 227.00 42.5 % 0.32
Q2 2015 403.41 13.2 % 611.63 9.7 % (68.47) 24.9 % 735.75 341.3 % 1.04
Q3 2015 410.50 8.7 % 532.05 (8.7 %) 39.81 118.9 % 165.74 250.9 % 0.23
Q4 2015 390.40 0.2 % 580.82 6.4 % 12.27 179.9 % 158.63 (20.4 %) 0.22
Q1 2016 370.10 (6.6 %) 564.65 (9.6 %) (27.72) 24.4 % 381.31 68.0 % 0.54
Q2 2016 384.52 (4.7 %) 579.86 (5.2 %) (30.67) 55.2 % 177.52 (75.9 %) 0.25
Q3 2016 407.21 (0.8 %) 575.36 8.1 % (28.63) (171.9 %) 160.69 (3.0 %) 0.23
Q4 2016 404.66 3.7 % 544.05 (6.3 %) (38.19) (411.2 %) 152.43 (3.9 %) 0.21
Q1 2017 433.98 17.3 % 617.30 9.3 % (46.81) (68.8 %) 215.97 (43.4 %) 0.30
Q2 2017 453.44 17.9 % 645.11 11.3 % (61.94) (101.9 %) 220.16 24.0 % 0.31
Q3 2017 470.08 15.4 % 669.25 16.3 % (85.43) (198.4 %) 227.63 41.7 % 0.32
Q4 2017 460.11 13.7 % 648.08 19.1 % (72.97) (91.1 %) 193.75 27.1 % 0.27
Q1 2018 457.74 5.5 % 646.11 4.7 % (17.10) 63.5 % 236.59 9.5 % 0.33
Q2 2018 479.70 5.8 % 672.23 4.2 % (39.22) 36.7 % 244.17 10.9 % 0.24
Q3 2018 478.61 1.8 % 665.81 (0.5 %) (22.60) 73.5 % 247.36 8.7 % 0.24

Profitability

Period Return On Average Assets Return on Average Equity Net Interest Income/Total Operating Income
Q1 2009 0.69 % 3.59 % 59.46 %
Q2 2009 0.72 % 4.06 % 60.19 %
Q3 2009 0.77 % 4.22 % 55.73 %
Q4 2009 0.10 % 0.60 % 57.02 %
Q1 2010 (0.23 %) (1.35 %) 55.32 %
Q2 2010 (0.56 %) (3.52 %) 58.06 %
Q3 2010 (0.71 %) (4.50 %) 62.83 %
Q4 2010 0.09 % 0.64 % 62.10 %
Q1 2011 0.25 % 1.74 % 65.00 %
Q2 2011 0.37 % 2.67 % 64.59 %
Q3 2011 0.49 % 3.62 % 67.57 %
Q4 2011 0.84 % 6.55 % 64.69 %
Q1 2012 0.97 % 8.09 % 60.17 %
Q2 2012 1.07 % 9.56 % 59.42 %
Q3 2012 1.20 % 10.77 % 57.90 %
Q4 2012 1.12 % 10.27 % 59.52 %
Q1 2013 1.03 % 9.93 % 61.81 %
Q2 2013 1.04 % 10.60 % 64.00 %
Q3 2013 1.16 % 11.42 % 65.58 %
Q4 2013 1.17 % 12.12 % 66.49 %
Q1 2014 1.16 % 12.08 % 67.07 %
Q2 2014 1.09 % 11.71 % 66.13 %
Q3 2014 0.86 % 9.04 % 65.24 %
Q4 2014 0.90 % 9.63 % 65.79 %
Q1 2015 0.98 % 10.52 % 65.76 %
Q2 2015 1.81 % 18.43 % 66.26 %
Q3 2015 1.98 % 20.04 % 69.13 %
Q4 2015 1.98 % 18.97 % 68.14 %
Q1 2016 2.14 % 20.71 % 68.78 %
Q2 2016 1.30 % 11.89 % 68.91 %
Q3 2016 1.31 % 11.70 % 67.47 %
Q4 2016 1.35 % 11.24 % 69.19 %
Q1 2017 1.08 % 8.87 % 70.38 %
Q2 2017 1.11 % 9.34 % 71.34 %
Q3 2017 1.22 % 9.95 % 71.18 %
Q4 2017 1.27 % 10.13 % 70.46 %
Q1 2018 1.32 % 10.46 % 70.59 %
Q2 2018 1.32 % 9.15 % 70.86 %
Q3 2018 1.32 % 9.10 % 71.28 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
Q1 2009 27.07 18.2 % 21.37 34.2 % 15.31 28.5 %
Q2 2009 28.94 19.2 % 22.15 28.1 % 15.82 13.0 %
Q3 2009 29.16 24.6 % 22.19 31.6 % 15.60 10.7 %
Q4 2009 29.98 8.9 % 22.14 5.9 % 15.50 2.5 %
Q1 2010 27.79 2.7 % 19.20 (10.2 %) 16.34 6.7 %
Q2 2010 29.17 0.8 % 22.66 2.3 % 17.41 10.0 %
Q3 2010 29.85 2.4 % 22.61 1.9 % 18.27 17.1 %
Q4 2010 33.02 10.1 % 27.34 23.5 % 18.70 20.6 %
Q1 2011 35.91 29.2 % 28.76 49.8 % 19.94 22.1 %
Q2 2011 36.74 26.0 % 29.08 28.3 % 22.03 26.5 %
Q3 2011 37.55 25.8 % 30.60 35.3 % 21.78 19.3 %
Q4 2011 38.90 17.8 % 31.16 13.9 % 23.31 24.6 %
Q1 2012 43.10 20.0 % 34.60 20.3 % 25.07 25.7 %
Q2 2012 47.12 28.2 % 37.25 28.1 % 27.23 23.6 %
Q3 2012 47.84 27.4 % 39.41 28.8 % 28.31 30.0 %
Q4 2012 50.78 30.5 % 40.68 30.5 % 29.90 28.3 %
Q1 2013 54.14 25.6 % 41.42 19.7 % 32.41 29.3 %
Q2 2013 56.25 19.4 % 45.20 21.3 % 33.31 22.3 %
Q3 2013 55.53 16.1 % 45.55 15.6 % 35.39 25.0 %
Q4 2013 59.98 18.1 % 48.08 18.2 % 34.99 17.1 %
Q1 2014 60.64 12.0 % 48.47 17.0 % 36.68 13.2 %
Q2 2014 65.80 17.0 % 51.84 14.7 % 38.97 17.0 %
Q3 2014 65.63 18.2 % 53.71 17.9 % 40.25 13.7 %
Q4 2014 66.55 11.0 % 54.57 13.5 % 41.24 17.9 %
Q1 2015 69.37 14.4 % 55.42 14.3 % 40.87 11.4 %
Q2 2015 67.63 2.8 % 55.96 8.0 % 42.40 8.8 %
Q3 2015 68.31 4.1 % 56.00 4.3 % 42.21 4.9 %
Q4 2015 63.26 (4.9 %) 49.77 (8.8 %) 42.17 2.3 %
Q1 2016 65.62 (5.4 %) 50.66 (8.6 %) 43.32 6.0 %
Q2 2016 68.27 0.9 % 50.73 (9.3 %) 44.21 4.3 %
Q3 2016 65.95 (3.4 %) 50.33 (10.1 %) 43.19 2.3 %
Q4 2016 66.32 4.8 % 51.60 3.7 % 42.10 (0.2 %)
Q1 2017 65.11 (0.8 %) 49.81 (1.7 %) 41.33 (4.6 %)
Q2 2017 67.00 (1.9 %) 49.17 (3.1 %) 40.97 (7.3 %)
Q3 2017 67.53 2.4 % 49.68 (1.3 %) 40.93 (5.3 %)
Q4 2017 68.29 3.0 % 50.28 (2.6 %) 39.79 (5.5 %)
Q1 2018 67.98 4.4 % 50.59 1.6 % 39.14 (5.3 %)
Q2 2018 69.76 4.1 % 47.77 (2.9 %) 39.84 (2.8 %)
Q3 2018 71.73 6.2 % 50.21 1.1 % 40.26 (1.6 %)

Ratios

Period Customer Deposits Per Total Assets Loans and advances/Total assets Loans and advances/Customers Deposits
Q1 2009 78.97 % 56.57 % 71.63 %
Q2 2009 76.53 % 54.68 % 71.44 %
Q3 2009 76.10 % 53.49 % 70.29 %
Q4 2009 73.87 % 51.72 % 70.02 %
Q1 2010 69.10 % 58.79 % 85.09 %
Q2 2010 77.71 % 59.70 % 76.83 %
Q3 2010 75.74 % 61.19 % 80.79 %
Q4 2010 82.82 % 56.65 % 68.40 %
Q1 2011 80.08 % 55.53 % 69.34 %
Q2 2011 79.15 % 59.97 % 75.77 %
Q3 2011 81.48 % 58.00 % 71.19 %
Q4 2011 80.10 % 59.92 % 74.80 %
Q1 2012 80.28 % 58.17 % 72.45 %
Q2 2012 79.07 % 57.80 % 73.10 %
Q3 2012 82.39 % 59.18 % 71.84 %
Q4 2012 80.10 % 58.87 % 73.50 %
Q1 2013 76.51 % 59.87 % 78.24 %
Q2 2013 80.35 % 59.22 % 73.70 %
Q3 2013 82.03 % 63.74 % 77.70 %
Q4 2013 80.17 % 58.35 % 72.78 %
Q1 2014 79.93 % 60.49 % 75.69 %
Q2 2014 78.78 % 59.23 % 75.18 %
Q3 2014 81.83 % 61.33 % 74.95 %
Q4 2014 81.99 % 61.97 % 75.58 %
Q1 2015 79.89 % 58.92 % 73.75 %
Q2 2015 82.75 % 62.70 % 75.77 %
Q3 2015 81.98 % 61.79 % 75.37 %
Q4 2015 78.66 % 66.66 % 84.75 %
Q1 2016 77.19 % 66.02 % 85.52 %
Q2 2016 74.31 % 64.76 % 87.15 %
Q3 2016 76.32 % 65.49 % 85.81 %
Q4 2016 77.81 % 63.48 % 81.58 %
Q1 2017 76.50 % 63.47 % 82.97 %
Q2 2017 73.38 % 61.15 % 83.33 %
Q3 2017 73.56 % 60.61 % 82.39 %
Q4 2017 73.63 % 58.27 % 79.14 %
Q1 2018 74.43 % 57.58 % 77.36 %
Q2 2018 68.47 % 57.10 % 83.40 %
Q3 2018 70.00 % 56.12 % 80.17 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2009 709.43 0.24 0.24 - 6.67
Q2 2009 709.43 0.27 0.27 - 6.62
Q3 2009 709.43 0.28 0.28 - 6.72
Q4 2009 709.43 0.04 0.04 - 6.32
Q1 2010 709.43 (0.09) (0.09) - 6.34
Q2 2010 709.43 (0.23) (0.23) - 6.37
Q3 2010 709.43 (0.30) (0.30) - 6.40
Q4 2010 709.43 0.04 0.04 - 6.36
Q1 2011 709.43 0.11 0.11 - 6.41
Q2 2011 709.43 0.17 0.17 - 6.45
Q3 2011 709.43 0.23 0.23 - 6.49
Q4 2011 709.43 0.43 0.43 - 6.67
Q1 2012 709.43 0.54 0.54 - 6.96
Q2 2012 709.43 0.63 0.63 - 6.78
Q3 2012 709.43 0.72 0.72 - 6.94
Q4 2012 709.43 0.71 0.71 - 7.06
Q1 2013 709.43 0.71 0.71 - 7.28
Q2 2013 709.43 0.76 0.76 - 7.58
Q3 2013 709.43 0.84 0.84 - 7.82
Q4 2013 709.43 0.92 0.92 - 8.07
Q1 2014 709.43 0.94 0.93 - 8.26
Q2 2014 709.43 0.94 0.91 - 8.43
Q3 2014 709.43 0.74 0.71 - 8.50
Q4 2014 709.43 0.81 0.76 - 8.68
Q1 2015 709.43 0.90 0.87 - 8.90
Q2 2015 709.43 1.70 0.88 - 10.07
Q3 2015 709.43 1.87 1.05 - 10.17
Q4 2015 709.43 1.81 1.01 - 10.45
Q1 2016 709.43 2.03 0.93 - 10.72
Q2 2016 709.43 1.24 0.95 - 10.86
Q3 2016 709.43 1.24 0.94 - 11.00
Q4 2016 709.43 1.23 0.94 - 11.42
Q1 2017 709.43 1.00 1.00 - 11.74
Q2 2017 709.43 1.06 1.06 - 11.74
Q3 2017 709.43 1.15 1.15 - 12.13
Q4 2017 709.43 1.21 1.21 - 12.44
Q1 2018 709.43 1.24 1.24 - 11.94
Q2 2018 1,025.00 0.88 0.88 - 11.12
Q3 2018 1,025.00 0.90 0.90 - 11.36

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 42.38 42.38 1.53
Q2 2009 44.80 44.80 1.84
Q3 2009 43.14 43.14 1.82
Q4 2009 More than 50 More than 50 1.85
Q1 2010 NEG NEG 1.84
Q2 2010 NEG NEG 1.60
Q3 2010 NEG NEG 1.65
Q4 2010 More than 50 More than 50 1.58
Q1 2011 More than 50 More than 50 1.77
Q2 2011 More than 50 More than 50 1.74
Q3 2011 44.03 44.03 1.58
Q4 2011 24.23 24.23 1.55
Q1 2012 33.33 33.33 2.59
Q2 2012 20.88 20.88 1.95
Q3 2012 22.06 22.06 2.30
Q4 2012 22.61 22.61 2.26
Q1 2013 23.14 23.14 2.25
Q2 2013 20.96 20.96 2.10
Q3 2013 22.17 22.17 2.39
Q4 2013 25.04 25.04 2.84
Q1 2014 27.21 27.51 3.09
Q2 2014 26.57 27.34 2.96
Q3 2014 39.58 41.05 3.44
Q4 2014 28.05 29.58 2.61
Q1 2015 25.30 26.22 2.56
Q2 2015 13.58 26.24 2.30
Q3 2015 8.83 15.75 1.62
Q4 2015 7.28 13.12 1.26
Q1 2016 5.33 11.64 1.01
Q2 2016 8.40 11.00 0.96
Q3 2016 6.56 8.61 0.74
Q4 2016 9.40 12.36 1.01
Q1 2017 13.51 13.51 1.15
Q2 2017 11.77 11.77 1.06
Q3 2017 12.71 12.71 1.21
Q4 2017 11.09 11.09 1.08
Q1 2018 10.46 10.46 1.08
Q2 2018 13.42 13.42 1.06
Q3 2018 12.84 12.84 1.02

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Brokerage and Asset Management Takaful Ta'awni Others..
Q1 2009 82.82 96.62 29.86 67.30 - -
Q2 2009 46.52 190.18 30.52 82.21 - -
Q3 2009 64.52 111.74 115.51 66.40 - -
Q4 2009 58.85 108.78 1.67 17.56 - -
Q1 2010 91.08 136.47 23.15 40.82 13.59 -
Q2 2010 97.94 136.50 3.26 53.83 3.68 -
Q3 2010 68.47 108.59 77.65 30.95 6.95 -
Q4 2010 94.59 127.93 (60.07) 35.72 10.21 53.78
Q1 2011 73.31 101.13 48.61 46.09 9.52 (2.39)
Q2 2011 78.47 109.47 54.87 60.99 9.28 (4.79)
Q3 2011 80.09 112.58 61.12 38.17 9.01 (7.26)
Q4 2011 97.59 108.55 62.34 57.98 8.63 (5.26)
Q1 2012 92.91 117.73 96.74 116.75 7.60 (5.99)
Q2 2012 88.87 106.38 111.70 104.00 5.62 (8.05)
Q3 2012 98.70 115.90 106.92 70.55 6.84 (7.00)
Q4 2012 103.03 94.05 111.35 63.16 5.50 (5.68)
Q1 2013 150.91 99.50 126.92 72.36 5.01 (12.08)
Q2 2013 135.01 123.26 127.51 66.09 5.13 (8.52)
Q3 2013 146.59 137.61 110.29 76.17 4.66 (3.44)
Q4 2013 115.42 131.47 177.98 60.08 6.60 (15.20)
Q1 2014 149.23 108.40 177.78 86.67 5.72 (10.39)
Q2 2014 154.19 136.57 183.90 103.10 5.70 (14.31)
Q3 2014 241.80 152.13 94.78 103.80 16.80 (15.06)
Q4 2014 194.50 161.40 158.34 52.81 5.42 (15.63)
Q1 2015 211.86 173.44 153.59 94.53 5.44 (14.49)
Q2 2015 220.02 153.97 170.90 88.18 5.37 545.83
Q3 2015 213.55 144.66 156.01 34.56 5.29 (22.03)
Q4 2015 248.50 105.60 191.82 53.46 5.24 (23.79)
Q1 2016 251.38 120.43 166.80 53.64 4.52 176.49
Q2 2016 245.82 110.98 197.39 51.27 4.75 (30.34)
Q3 2016 230.30 124.05 203.25 37.20 5.84 (25.29)
Q4 2016 191.78 128.75 196.50 51.38 5.11 (29.47)
Q1 2017 253.88 143.41 203.93 47.12 5.10 (36.14)
Q2 2017 270.06 151.98 219.07 42.23 4.78 (43.00)
Q3 2017 281.75 127.62 268.85 42.18 4.67 (55.81)
Q4 2017 276.54 115.18 258.46 45.42 5.21 (52.73)
Q1 2018 281.78 112.34 254.45 46.80 4.81 (54.06)
Q2 2018 292.74 108.63 280.93 45.51 4.90 (60.48)
Q3 2018 298.25 111.60 277.52 35.48 4.83 (61.86)

Analysts Estimates (Million)

Item Q3 2018 (e) Q3 2018 (a) Change‬
Average 225.25 247.36 9.82 %

Estimates vs Actual (Million)

Item Q3 2018 (e) Q3 2018 (a) Change
OSOOL AND BAKHEET 240.50 247.36 2.9 %
SNB Capital 210.00 247.36 17.8 %


Financial Ratios
Current
Market Cap (M Riyal) 16,031.00
Shares Outstanding ((M)) 1,025.00
EPS ( Riyal) (TTM) 1.09
EPS Diluted ( Riyal) (TTM) 1.09
Book Value (BV) ( Riyal) 12.26
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 14.61
P/E (TTM) 14.36
Price/book 1.28
Return on Average Assets (%) (TTM) 0.9
Return on Average Equity (%) (TTM) 9.1
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