Financial Results : Riyad Bank posts 12% profit rise in the first nine months of 2012

Riyad Bank posts 12% profit rise in the first nine months of 2012

30/09/2012 Argaam Exclusive

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 The net profit for Riyad Bank, Saudi Arabia's fourth-largest bank, in the first nine months of 2012 totaled SAR 2656 mln (1.77 SAR/Share) , an increase of 12% compared to the same period of 2011, as shown in the following table:

 



Financials (M)

Item 9m 2011 9m 2012 Change‬
Net Special Commission Income 3,114.14 3,280.89 5.4 %
Operating Income 4,669.08 5,115.89 9.6 %
Total Provisions (398.70) (866.71) (117.4 %)
Net Income 2,371.50 2,655.91 12.0 %
Average Shares 3,000.00 3,000.00 -
Earnings Per Share before unusual items (Riyals) 0.79 0.89 12.0 %
EPS (Riyal) 0.79 0.89 12.0 %
EPS Diluted (Riyal) 0.79 0.89 12.0 %

The Bank referred the increase in the first nine months of 2012 compared to the same period of  2011 to the increase in total operating income, while the decrease in Q3 net profit compared to Q2 was due to total operating income reduction.



Current Quarter Comparison (M)

Compared With The
Item Q3 2011 Q3 2012 Change‬
Net Special Commission Income 1,063.54 1,117.21 5.0 %
Operating Income 1,572.56 1,667.72 6.1 %
Debt Provisions (150.94) (327.28) (116.8 %)
Net Income 794.28 840.03 5.8 %
Average Shares 3,000.00 3,000.00 -
Earnings Per Share before unusual items (Riyal) 0.26 0.28 5.8 %
EPS (Riyal) 0.26 0.28 5.8 %
EPS Diluted (Riyal) 0.26 0.28 5.7 %

Balance Sheet (B)

Item 9m 2011 9m 2012 Change‬
Assets 180.37 177.10 (1.8 %)
Customer Deposits 132.33 134.93 2.0 %
Loan 112.14 115.29 2.8 %


Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Debt Provisions Change
Q1 2003 - - - - - -
Q2 2003 - - - - - -
Q3 2003 - - - - - -
Q4 2003 - - - - - -
Q1 2004 569.05 - 863.05 - (56.37) -
Q2 2004 618.06 - 800.04 - 20.67 -
Q3 2004 578.98 - 834.42 - (10.62) -
Q4 2004 641.92 - 960.85 - (50.52) -
Q1 2005 621.68 9.2 % 867.46 0.5 % (43.17) 23.4 %
Q2 2005 664.82 7.6 % 1,060.72 32.6 % (41.10) (298.8 %)
Q3 2005 687.97 18.8 % 1,109.90 33.0 % (80.67) (659.4 %)
Q4 2005 697.36 8.6 % 1,157.06 20.4 % (47.13) 6.7 %
Q1 2006 725.37 16.7 % 1,343.88 54.9 % (67.47) (56.3 %)
Q2 2006 768.46 15.6 % 1,134.51 7.0 % (71.48) (73.9 %)
Q3 2006 717.08 4.2 % 1,134.09 2.2 % (80.45) 0.3 %
Q4 2006 715.15 2.6 % 1,273.65 10.1 % (153.10) (224.8 %)
Q1 2007 770.42 6.2 % 1,207.02 (10.2 %) (89.42) (32.5 %)
Q2 2007 825.30 7.4 % 1,373.54 21.1 % (59.55) 16.7 %
Q3 2007 836.78 16.7 % 1,246.97 10.0 % (75.88) 5.7 %
Q4 2007 833.88 16.6 % 1,340.60 5.3 % (120.68) 21.2 %
Q1 2008 980.52 27.3 % 1,212.23 0.4 % (52.15) 41.7 %
Q2 2008 985.19 19.4 % 1,446.00 5.3 % (47.18) 20.8 %
Q3 2008 1,012.53 21.0 % 1,058.35 (15.1 %) (16.70) 78.0 %
Q4 2008 968.57 16.2 % 1,531.78 14.3 % (233.04) (93.1 %)
Q1 2009 1,112.12 13.4 % 1,459.36 20.4 % (184.84) (254.4 %)
Q2 2009 1,147.72 16.5 % 1,524.41 5.4 % (95.51) (102.4 %)
Q3 2009 1,026.69 1.4 % 1,400.83 32.4 % (153.59) (819.6 %)
Q4 2009 1,060.65 9.5 % 1,575.51 2.9 % (184.60) 20.8 %
Q1 2010 1,012.44 (9.0 %) 1,469.41 0.7 % (278.99) (50.9 %)
Q2 2010 1,027.65 (10.5 %) 1,527.26 0.2 % (196.16) (105.4 %)
Q3 2010 1,059.71 3.2 % 1,498.16 6.9 % (299.78) (95.2 %)
Q4 2010 1,041.98 (1.8 %) 1,485.62 (5.7 %) (160.15) 13.2 %
Q1 2011 984.01 (2.8 %) 1,526.84 3.9 % (160.31) 42.5 %
Q2 2011 1,066.59 3.8 % 1,569.68 2.8 % (87.45) 55.4 %
Q3 2011 1,063.54 0.4 % 1,572.56 5.0 % (150.94) 49.6 %
Q4 2011 1,082.89 3.9 % 1,606.72 8.2 % (263.02) (64.2 %)
Q1 2012 1,068.47 8.6 % 1,643.89 7.7 % (152.87) 4.6 %
Q2 2012 1,095.22 2.7 % 1,804.29 14.9 % (386.55) (342.0 %)
Q3 2012 1,117.21 5.0 % 1,667.72 6.1 % (327.28) (116.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2003 - - - - - -
Q2 2003 - - - - - -
Q3 2003 - - - - - -
Q4 2003 - - - - - -
Q1 2004 436.08 - 0.18 - 436.08 0.18
Q2 2004 487.65 - 0.20 - 487.65 0.20
Q3 2004 493.69 - 0.21 - 493.69 0.21
Q4 2004 588.19 - 0.24 - 588.19 0.24
Q1 2005 521.62 19.6 % 0.22 - 521.62 0.22
Q2 2005 938.00 92.4 % 0.39 295.65 642.35 0.27
Q3 2005 667.65 35.2 % 0.28 - 667.65 0.28
Q4 2005 710.06 20.7 % 0.30 - 710.06 0.30
Q1 2006 872.41 67.3 % 0.36 - 872.41 0.36
Q2 2006 681.94 (27.3 %) 0.28 - 681.94 0.28
Q3 2006 651.13 (2.5 %) 0.27 - 651.13 0.27
Q4 2006 703.06 (1.0 %) 0.29 - 703.06 0.29
Q1 2007 655.05 (24.9 %) 0.27 - 655.05 0.27
Q2 2007 847.55 24.3 % 0.35 - 847.55 0.35
Q3 2007 715.88 9.9 % 0.30 - 715.88 0.30
Q4 2007 792.76 12.8 % 0.33 - 792.76 0.33
Q1 2008 690.71 5.4 % 0.29 - 690.71 0.29
Q2 2008 906.35 6.9 % 0.30 - 906.35 0.30
Q3 2008 512.55 (28.4 %) 0.17 - 512.55 0.17
Q4 2008 529.15 (33.3 %) 0.18 - 529.15 0.18
Q1 2009 441.06 (36.1 %) 0.15 - 441.06 0.15
Q2 2009 918.00 1.3 % 0.31 - 918.00 0.31
Q3 2009 759.38 48.2 % 0.25 - 759.38 0.25
Q4 2009 912.04 72.4 % 0.30 - 912.04 0.30
Q1 2010 684.46 55.2 % 0.23 - 684.46 0.23
Q2 2010 765.80 (16.6 %) 0.26 - 765.80 0.26
Q3 2010 610.76 (19.6 %) 0.20 - 610.76 0.20
Q4 2010 763.60 (16.3 %) 0.25 - 763.60 0.25
Q1 2011 741.24 8.3 % 0.25 - 741.24 0.25
Q2 2011 835.99 9.2 % 0.28 - 835.99 0.28
Q3 2011 794.28 30.0 % 0.26 - 794.28 0.26
Q4 2011 777.85 1.9 % 0.26 - 777.85 0.26
Q1 2012 901.48 21.6 % 0.30 - 901.48 0.30
Q2 2012 914.40 9.4 % 0.30 - 914.40 0.30
Q3 2012 840.03 5.8 % 0.28 - 840.03 0.28

Profitability

Period Return On Average Assets Return on Average Equity Net Interest Income/Total Operating Income
Q1 2003 - - -
Q2 2003 - - -
Q3 2003 - - -
Q4 2003 - - -
Q1 2004 2.34 % 18.31 % 66.64 %
Q2 2004 2.33 % 18.69 % 71.59 %
Q3 2004 2.50 % 19.62 % 70.67 %
Q4 2004 2.75 % 22.80 % 69.63 %
Q1 2005 2.74 % 22.48 % 71.06 %
Q2 2005 3.39 % 27.49 % 67.34 %
Q3 2005 3.59 % 27.53 % 65.43 %
Q4 2005 3.68 % 28.36 % 63.69 %
Q1 2006 3.81 % 31.09 % 59.41 %
Q2 2006 3.46 % 28.92 % 60.67 %
Q3 2006 3.44 % 26.89 % 60.98 %
Q4 2006 3.34 % 25.34 % 59.88 %
Q1 2007 2.97 % 23.90 % 62.56 %
Q2 2007 2.99 % 26.06 % 60.70 %
Q3 2007 2.97 % 24.85 % 61.70 %
Q4 2007 2.80 % 23.92 % 63.20 %
Q1 2008 2.67 % 24.97 % 67.20 %
Q2 2008 2.56 % 16.80 % 69.32 %
Q3 2008 2.32 % 15.30 % 75.38 %
Q4 2008 1.88 % 13.57 % 75.20 %
Q1 2009 1.58 % 12.51 % 74.21 %
Q2 2009 1.52 % 9.17 % 76.09 %
Q3 2009 1.65 % 10.02 % 71.92 %
Q4 2009 1.80 % 11.24 % 72.94 %
Q1 2010 1.92 % 12.32 % 71.15 %
Q2 2010 1.82 % 11.30 % 69.10 %
Q3 2010 1.71 % 10.69 % 68.54 %
Q4 2010 1.61 % 9.83 % 69.26 %
Q1 2011 1.62 % 10.17 % 68.13 %
Q2 2011 1.70 % 10.14 % 68.29 %
Q3 2011 1.78 % 10.82 % 67.53 %
Q4 2011 1.78 % 10.61 % 66.88 %
2011 1.78 % 10.61 % 66.88 %
Q1 2012 1.82 % 11.18 % 66.97 %
Q2 2012 1.89 % 11.16 % 65.03 %
Q3 2012 1.92 % 11.34 % 64.91 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
Q1 2003 - - - - - -
Q2 2003 - - - - - -
Q3 2003 - - - - - -
Q4 2003 - - - - - -
Q1 2004 72.55 - 44.84 - 29.14 -
Q2 2004 72.75 - 46.34 - 30.53 -
Q3 2004 73.22 - 47.48 - 31.98 -
Q4 2004 74.25 - 49.74 - 33.94 -
Q1 2005 80.21 10.5 % 57.18 27.5 % 36.10 23.9 %
Q2 2005 77.29 6.3 % 54.55 17.7 % 39.93 30.8 %
Q3 2005 78.26 6.9 % 55.00 15.8 % 41.15 28.7 %
Q4 2005 80.08 7.9 % 52.73 6.0 % 45.61 34.4 %
Q1 2006 86.95 8.4 % 60.87 6.5 % 49.04 35.9 %
Q2 2006 92.41 19.6 % 68.58 25.7 % 50.08 25.4 %
Q3 2006 91.37 16.7 % 68.97 25.4 % 50.56 22.9 %
Q4 2006 94.02 17.4 % 69.19 31.2 % 52.18 14.4 %
Q1 2007 94.18 8.3 % 71.35 17.2 % 52.71 7.5 %
Q2 2007 98.45 6.5 % 71.99 5.0 % 57.18 14.2 %
Q3 2007 105.28 15.2 % 76.40 10.8 % 64.84 28.2 %
Q4 2007 121.35 29.1 % 84.33 21.9 % 67.34 29.0 %
Q1 2008 134.35 42.7 % 96.75 35.6 % 70.82 34.4 %
Q2 2008 144.13 46.4 % 88.47 22.9 % 82.30 43.9 %
Q3 2008 145.15 37.9 % 87.66 14.7 % 90.10 39.0 %
Q4 2008 159.65 31.6 % 105.06 24.6 % 96.43 43.2 %
Q1 2009 167.22 24.5 % 119.20 23.2 % 100.17 41.4 %
Q2 2009 172.77 19.9 % 122.07 38.0 % 104.58 27.1 %
Q3 2009 175.68 21.0 % 119.46 36.3 % 106.06 17.7 %
Q4 2009 176.40 10.5 % 125.28 19.2 % 106.51 10.5 %
Q1 2010 174.29 4.2 % 128.11 7.5 % 106.28 6.1 %
Q2 2010 169.34 (2.0 %) 124.10 1.7 % 104.74 0.2 %
Q3 2010 171.72 (2.3 %) 124.24 4.0 % 105.04 (1.0 %)
Q4 2010 173.56 (1.6 %) 126.95 1.3 % 106.03 (0.5 %)
Q1 2011 180.72 3.7 % 133.14 3.9 % 109.36 2.9 %
Q2 2011 177.53 4.8 % 132.40 6.7 % 110.58 5.6 %
Q3 2011 180.37 5.0 % 132.33 6.5 % 112.14 6.8 %
Q4 2011 180.89 4.2 % 139.82 10.1 % 112.97 6.5 %
Q1 2012 183.39 1.5 % 139.54 4.8 % 113.69 4.0 %
Q2 2012 180.64 1.7 % 137.06 3.5 % 115.09 4.1 %
Q3 2012 177.10 (1.8 %) 134.93 2.0 % 115.29 2.8 %

Ratios

Period Customer Deposits Per Total Assets Loans and advances/Total assets Loans and advances/Customers Deposits
Q1 2003 - - -
Q2 2003 - - -
Q3 2003 - - -
Q4 2003 - - -
Q1 2004 61.80 % 40.16 % 64.98 %
Q2 2004 63.70 % 41.97 % 65.89 %
Q3 2004 64.85 % 43.68 % 67.35 %
Q4 2004 67.00 % 45.72 % 68.24 %
Q1 2005 71.29 % 45.01 % 63.13 %
Q2 2005 70.58 % 51.66 % 73.19 %
Q3 2005 70.28 % 52.58 % 74.81 %
Q4 2005 65.85 % 56.95 % 86.49 %
Q1 2006 70.01 % 56.40 % 80.56 %
Q2 2006 74.21 % 54.19 % 73.03 %
Q3 2006 75.49 % 55.34 % 73.31 %
Q4 2006 73.60 % 55.50 % 75.42 %
Q1 2007 75.76 % 55.97 % 73.87 %
Q2 2007 73.13 % 58.08 % 79.43 %
Q3 2007 72.57 % 61.59 % 84.88 %
Q4 2007 69.49 % 55.49 % 79.85 %
Q1 2008 72.01 % 52.71 % 73.20 %
Q2 2008 61.38 % 57.10 % 93.02 %
Q3 2008 60.39 % 62.07 % 102.78 %
Q4 2008 65.80 % 60.40 % 91.79 %
Q1 2009 71.29 % 59.91 % 84.04 %
Q2 2009 70.66 % 60.53 % 85.67 %
Q3 2009 68.00 % 60.37 % 88.78 %
Q4 2009 71.02 % 60.38 % 85.02 %
Q1 2010 73.50 % 60.98 % 82.96 %
Q2 2010 73.29 % 61.86 % 84.40 %
Q3 2010 72.35 % 61.17 % 84.55 %
Q4 2010 73.14 % 61.10 % 83.53 %
Q1 2011 73.67 % 60.51 % 82.14 %
Q2 2011 74.58 % 62.28 % 83.51 %
Q3 2011 73.37 % 62.17 % 84.74 %
Q4 2011 77.30 % 62.45 % 80.80 %
Q1 2012 76.09 % 62.00 % 81.48 %
Q2 2012 75.87 % 63.71 % 83.97 %
Q3 2012 76.19 % 65.10 % 85.44 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2003 - - - - -
Q2 2003 - - - - -
Q3 2003 - - - - -
Q4 2003 - - - - -
Q1 2004 2,402.84 0.68 0.68 0.68 3.77
Q2 2004 2,402.84 0.68 0.68 0.68 3.64
Q3 2004 2,402.84 0.74 0.74 0.74 3.89
Q4 2004 2,402.84 0.83 0.83 0.83 3.76
Q1 2005 2,402.84 0.87 0.87 0.87 3.97
Q2 2005 2,402.84 1.06 0.93 1.06 4.05
Q3 2005 2,402.84 1.13 1.01 1.13 4.33
Q4 2005 2,402.84 1.18 1.06 1.18 4.56
Q1 2006 2,402.84 1.33 1.20 1.33 4.56
Q2 2006 2,402.84 1.22 1.22 1.22 4.39
Q3 2006 2,402.84 1.21 1.21 1.21 4.70
Q4 2006 2,402.84 1.21 1.21 1.21 4.99
Q1 2007 2,402.84 1.12 1.12 1.12 4.82
Q2 2007 2,402.84 1.19 1.19 1.19 4.74
Q3 2007 2,402.84 1.22 1.22 1.22 5.08
Q4 2007 2,402.84 1.25 1.25 1.25 5.49
Q1 2008 2,402.84 1.27 1.27 1.27 5.34
Q2 2008 3,000.00 1.04 1.04 1.22 8.53
Q3 2008 3,000.00 0.97 0.97 1.09 8.57
Q4 2008 3,000.00 0.88 0.88 0.94 8.56
Q1 2009 3,000.00 0.80 0.80 0.80 8.45
Q2 2009 3,000.00 0.80 0.80 0.80 8.92
Q3 2009 3,000.00 0.88 0.88 0.88 9.05
Q4 2009 3,000.00 1.01 1.01 1.01 9.41
Q1 2010 3,000.00 1.09 1.09 1.09 9.27
Q2 2010 3,000.00 1.04 1.04 1.04 9.50
Q3 2010 3,000.00 0.99 0.99 0.99 9.49
Q4 2010 3,000.00 0.94 0.94 0.94 9.74
Q1 2011 3,000.00 0.96 0.96 0.96 9.62
Q2 2011 3,000.00 0.98 0.98 0.98 9.91
Q3 2011 3,000.00 1.05 1.05 1.05 9.84
Q4 2011 3,000.00 1.05 1.05 1.05 10.05
Q1 2012 3,000.00 1.10 1.10 1.10 10.11
Q2 2012 3,000.00 1.13 1.13 1.13 10.32
Q3 2012 3,000.00 1.14 1.14 1.14 10.35

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2003 - - -
Q2 2003 - - -
Q3 2003 - - -
Q4 2003 - - -
Q1 2004 18.43 18.43 4.17
Q2 2004 20.49 20.49 4.79
Q3 2004 19.63 19.63 4.70
Q4 2004 23.94 23.94 6.63
Q1 2005 26.52 26.52 7.25
Q2 2005 31.75 35.92 10.35
Q3 2005 27.76 31.16 9.06
Q4 2005 29.96 33.45 9.68
Q1 2006 24.62 27.14 8.95
Q2 2006 21.31 21.31 7.40
Q3 2006 16.08 16.08 5.18
Q4 2006 13.86 13.86 4.20
Q1 2007 12.89 12.89 3.74
Q2 2007 11.76 11.76 3.69
Q3 2007 12.95 12.95 3.86
Q4 2007 19.72 19.72 5.62
Q1 2008 16.21 16.21 4.80
Q2 2008 14.58 14.58 2.08
Q3 2008 14.35 14.35 1.83
Q4 2008 11.31 11.31 1.24
Q1 2009 12.87 12.87 1.21
Q2 2009 15.34 15.34 1.38
Q3 2009 16.94 16.94 1.65
Q4 2009 13.32 13.32 1.43
Q1 2010 13.97 13.97 1.65
Q2 2010 13.50 13.50 1.48
Q3 2010 14.28 14.28 1.49
Q4 2010 14.12 14.12 1.36
Q1 2011 13.74 13.74 1.37
Q2 2011 12.02 12.02 1.19
Q3 2011 11.32 11.32 1.20
Q4 2011 11.10 11.10 1.16
Q1 2012 11.69 11.69 1.28
Q2 2012 10.18 10.18 1.11
Q3 2012 9.92 9.92 1.10

Business Segments (Million)

Compared With The
Period Corporate and Institutional Banking Retail Treasury and Investment Investment Banking and Brokerage Others
Q1 2003 160.00 336.00 97.00 - 161.00
Q2 2003 229.00 360.00 115.00 - 219.00
Q3 2003 25.00 345.00 243.00 - 124.00
Q4 2003 173.55 165.06 136.84 - 306.17
Q1 2004 173.00 387.00 126.00 - 177.00
Q2 2004 225.00 331.00 96.00 - 148.00
Q3 2004 130.00 337.00 149.00 - 218.00
Q4 2004 214.99 537.29 129.54 - 79.55
Q1 2005 197.06 363.98 168.66 - 137.76
Q2 2005 272.37 564.94 158.75 - 360.31
Q3 2005 213.38 544.67 214.61 - 137.25
Q4 2005 187.52 485.83 361.39 - 122.32
Q1 2006 287.69 483.81 452.60 - 119.79
Q2 2006 234.35 714.25 90.42 - 95.49
Q3 2006 383.14 577.96 85.88 - 87.12
Q4 2006 282.60 476.51 366.70 - 147.85
Q1 2007 403.82 511.96 183.86 - 107.37
Q2 2007 518.82 502.76 243.71 - 108.25
Q3 2007 520.89 524.01 106.32 - 95.75
Q4 2007 461.08 561.37 206.98 - 111.17
Q1 2008 597.99 499.80 (72.41) 67.68 119.17
Q2 2008 542.56 485.49 190.47 110.43 117.05
Q3 2008 560.18 462.30 (326.35) 99.38 262.83
Q4 2008 358.14 379.30 391.39 66.94 336.00
Q1 2009 543.46 404.68 112.81 45.18 353.24
Q2 2009 661.63 442.30 53.16 64.67 302.65
Q3 2009 655.93 389.83 (0.25) 46.33 309.00
Q4 2009 657.71 428.86 (31.26) 82.33 437.87
Q1 2010 645.79 396.76 152.93 52.71 221.22
Q2 2010 596.25 441.75 214.00 70.11 205.15
Q3 2010 592.32 442.06 261.22 48.11 154.46
Q4 2010 614.60 375.11 223.17 58.55 214.19
Q1 2011 666.58 454.30 64.92 70.63 270.42
Q2 2011 741.78 516.95 468.40 80.77 (238.22)
Q3 2011 724.26 444.10 274.09 69.30 60.80
Q4 2011 723.67 506.07 262.36 76.83 37.80
Q1 2012 679.04 509.01 230.75 109.10 115.98
Q2 2012 762.63 531.61 415.54 91.62 2.90
Q3 2012 775.24 448.93 263.35 78.57 101.61


Financial Ratios
Current
Market Cap (M Riyal) 84,120.00
Shares Outstanding ((M)) 3,000.00
EPS ( Riyal) (TTM) 3.25
EPS Diluted ( Riyal) (TTM) 3.13
Book Value (BV) ( Riyal) 20.38
Par Value ( Riyal) 10.00
Recurring P/E 8.64
P/E (TTM) 8.64
Price/book 1.38
Return on Average Assets (%) (TTM) 2.2
Return on Average Equity (%) (TTM) 17.0
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Share Price

Riyad Bank
28.04
(0.10) (0.36 %)

Riyad Bank (RIBL)

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