Saudi British Bank (SABB) turned to a net profit of SAR 1.889 billion in H1 2021, against a net loss of SAR 5.896 billion in the year-earlier period.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Net Special Commission Income | 3,717.71 | 2,894.09 | (22.2 %) |
| Operating Income | 4,686.99 | 3,944.16 | (15.8 %) |
| Total Provisions | (1547.85) | (27.25) | 98.2 % |
| Net Income | (5887.26) | 1,892.21 | 132.1 % |
| Average Shares | 2,054.80 | 2,054.80 | - |
| EPS (Riyals) | (2.87) | 0.92 | 132.1 % |
| EPS Diluted (Riyals) | (2.87) | 0.92 | 132.1 % |
The earnings were primarily driven by lower provision for expected credit losses and total operating expenses, as the bank set aside the one-off impact of the goodwill impairment of SAR 7.418 billion recorded in the same period last year. However, this was partially offset by a decrease in total operating income due to a 22% decline in net special income.
Total operating expenses fell on lower salaries and employee-related costs, as well as general and administrative expenses. The bank also recorded an increase in depreciation and amortization expenses.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,815.14 | 1,467.28 | (19.2 %) |
| Operating Income | 2,318.10 | 1,946.78 | (16.0 %) |
| Debt Provisions | (1308.78) | (25.58) | 98.0 % |
| Net Income | (6862.85) | 918.50 | 113.4 % |
| Average Shares | 2,054.80 | 2,054.80 | - |
| EPS (Riyals) | (3.34) | 0.45 | 113.4 % |
| EPS Diluted (Riyal) | (3.34) | 0.45 | 113.5 % |
The bank swung to a net profit of SAR 919 million in Q2 2021, against a net loss of SAR 6.867 billion in Q2 2020, due to lower provision for expected credit losses and total operating expenses.
On a sequential basis, SABB’s net profit declined 5.3% on the back of lower total operating income, decline in earnings from associates and higher provision for expected credit losses.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Assets | 266.99 | 272.94 | 2.2 % |
| Customer Deposits | 188.36 | 186.83 | (0.8 %) |
| Loan | 152.95 | 161.44 | 5.6 % |
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