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THE SAUDI NATIONAL BANK

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Saudi National Bank : اعلان البنك الأهلي السعودي عن النتائج المالية الأولية للفترة المنتهية في 2021-09-30 ( تسعة 

10/24/2021 | 07:34am EST
The Saudi National Bank announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

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Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Total income from Special Commissions/Financing & Investments 6,887 4,888 40.896 6,698 2.821
Net Income from Special Commissions/Financing & Investments 6,082 4,198 44.878 5,783 5.17
Total Operation Profit (Loss) 7,800 5,638 38.346 7,501 3.986
Net Profit (Loss) before Zakat and Income Tax 4,310 3,569 20.762 2,414 78.541
Net Profit (Loss) 3,785 3,158 19.854 2,117 78.79
Total Comprehensive Income 3,257 2,821 15.455 2,944 10.631
All figures are in (Millions) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Total income from Special Commissions/Financing & Investments 18,486 14,633 26.33
Net Income from Special Commissions/Financing & Investments 16,044 12,313 30.301
Total Operation Profit (Loss) 21,074 15,709 34.152
Net Profit (Loss) before Zakat and Income Tax 10,541 9,168 14.976
Net Profit (Loss) 9,311 8,080 15.235
Total Comprehensive Income 8,290 7,645 8.436
Total Share Holders Equity (after Deducting Minority Equity) 159,706 75,462 111.637
Assets 902,720 576,632 56.55
Investments 235,783 144,200 63.511
Loans and Advances Portfolio (Financing & Investment) 503,696 336,409 49.727
Clients' deposits 589,190 408,474 44.241
Profit (Loss) per Share 2.25 2.59
All figures are in (Millions) Saudi Arabia, Riyals
Element List Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is Post the merger with Samba Financial Group on April 1, 2021 the bank recorded 19.9% higher net income attributable to equity holders of the bank mainly due to increase in operating income, offset by increase in operating expenses including net impairment charges attributable to the merger.

Total operating income increased by 38.4% mainly due to increase in net special commission income, fees from banking services, foreign exchange income, partially offset by increase in other operating expenses.

Total operating expenses including impairments increased by 72.2% mainly due to increase in net impairment charge for expected credit losses, other general and administrative expenses, salaries and employee expenses, rent and premises expense and depreciation/amortization of property, equipment, software, right of use assets.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The bank recorded 78.8% higher net income attributable to equity holders of the bank mainly due to increase in total operating income and decrease in total operating expenses including net impairment charge for expected credit losses.

Total operating income increased by 4% mainly due to increase in net special commission income and foreign exchange income.

Total operating expenses including impairments decreased by 31.7% mainly due to lower net impairment charge for expected credit losses, rent and premises expenses .

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is After the merger with Samba Financial Group on April 1, 2021, the bank recorded 15.2% higher net income attributable to equity holders mainly due to increase in operating income and was partially offset by higher operating expenses including net impairment charge for expected credit losses.

Total operating income increased by 34.2% mainly from higher net special commission income, investment related income*, fees income from banking services, foreign exchange income. This was partially offset by higher other operating expenses.

Total operating expenses including impairments were higher by 61.9% mainly due to higher net impairment charge for expected credit losses pertaining to the day 1 of the merger as per IFRS requirements, other general and administrative expenses, salaries and employee expenses, depreciation/amortization of property, equipment, software, right of use assets and higher rent and premises expenses ascribed to merger.

Statement of the type of external auditor's report Unmodified opinion
Reclassification of Comparison Items Some numbers have been re-classified for comparative reasons.
Additional Information Net impairment charge for expected credit losses reached to SAR 725 million for the current quarter against SAR 379 million in the similar period of the previous year with an increase of 91.3%.

Net impairment charge for expected credit losses reached to SAR 725 million for the current quarter against SAR 2,408 million in the previous period of the current year with a decrease of 69.9%.

Net impairment charge for expected credit losses reached to SAR 3,412 million for the current period against SAR 1,603 million in the similar period of the previous year with an increase of 112.9%.

EPS for the current and the previous year are calculated by dividing the net income attributable to common equity holders of the bank (adjusted for Tier 1 Sukuk costs) for the periods by the weighted average number of shares outstanding 3,954,806K (2020: 2,992,522k).

Samba group income statement results was integrated starting from 1 April 2021 and for six months as per IFRS requirements.

*Investment related income includes Income from FVIS instruments, and Gains on non-FVIS financial instruments.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

Disclaimer

NCB - National Commercial Bank SJSC published this content on 24 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 October 2021 11:33:08 UTC.


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Sales 2021 30 483 M 8 126 M 8 126 M
Net income 2021 12 743 M 3 397 M 3 397 M
Net Debt 2021 - - -
P/E ratio 2021 21,9x
Yield 2021 2,57%
Capitalization 272 B 72 595 M 72 599 M
Capi. / Sales 2021 8,93x
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Nbr of Employees 13 334
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Number of Analysts 13
Last Close Price 61,40 SAR
Average target price 69,34 SAR
Spread / Average Target 12,9%
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Faisal Omar Al-Sakkaf Chief Executive Officer
Lama Ahmed Ghazzaoui Chief Financial Officer & Head-Strategy
Saeed bin Mohammed Al-Ghamdi Chairman
Omar Mohammed Hashem Group Head-Digital & Technology
Fuad Abdullah Al-Harbi Head-Compliance
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