NCB’s net profit rises 2% to SAR 6.96 bln in nine-months 2015

11/10/2015 Argaam Exclusive

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Share Price

The Saudi National Bank
34.35
(0.70) (2.00 %)

The Saudi National Bank (SNB)

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National Commercial Bank (NCB), Saudi Arabia's largest listed lender, reported a net profit of SAR 6.96 billion for the first nine months of 2015, a two percent growth compared to the same period last year on higher operating income.



Financials (M)

Item 9m 2014 9m 2015 Change‬
Net Special Commission Income 8,341.79 9,411.87 12.8 %
Operating Income 12,193.62 13,043.33 7.0 %
Total Provisions (514.75) (1210.30) (135.1 %)
Net Income 6,829.82 6,962.63 1.9 %
Average Shares 4,019.65 4,019.65 -
EPS (Riyals) 1.70 1.73 1.9 %

 

The bank reported a net profit of SAR 1.99 billion in Q3 this year, 6.7 percent higher when compared to SAR 1.87 billion in the same quarter last year.



Current Quarter Comparison (M)

Compared With The
Item Q3 2014 Q3 2015 Change‬
Net Special Commission Income 2,790.58 3,255.60 16.7 %
Operating Income 4,114.35 4,312.86 4.8 %
Debt Provisions (400.86) (713.13) (77.9 %)
Net Income 1,869.11 1,994.14 6.7 %
Average Shares 4,019.65 4,019.65 -
EPS (Riyals) 0.46 0.50 6.7 %

Balance Sheet (B)

Item 9m 2014 9m 2015 Change‬
Assets 437.91 476.83 8.9 %
Customer Deposits 343.94 367.37 6.8 %
Loan 213.53 238.60 11.7 %


Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Debt Provisions Change Net Income Change EPS(Riyal)
Q1 2006 - - - - - - - - -
Q2 2006 - - - - - - - - -
Q3 2006 - - - - - - - - -
Q4 2006 - - - - - - - - -
Q1 2007 - - - - - - - - -
Q2 2007 - - - - - - - - -
Q3 2007 - - - - - - - - -
Q4 2007 - - - - - - - - -
Q1 2008 - - - - - - - - -
Q2 2008 - - - - - - - - -
Q3 2008 - - - - - - - - -
Q4 2008 - - - - - - - - -
Q1 2009 2,065.71 - 3,165.57 - (671.02) - 1,045.61 - 0.26
Q2 2009 1,918.50 - 2,817.90 - (425.12) - 1,191.61 - 0.30
Q3 2009 1,958.39 - 2,932.33 - (769.68) - 1,034.21 - 0.26
Q4 2009 2,103.06 - 2,562.85 - (607.91) - 768.83 - 0.19
Q1 2010 2,143.79 3.8 % 3,099.05 (2.1 %) (552.03) 17.7 % 1,413.06 35.1 % 0.35
Q2 2010 1,990.25 3.7 % 3,011.06 6.9 % (612.95) (44.2 %) 1,226.70 2.9 % 0.31
Q3 2010 1,978.17 1.0 % 2,826.25 (3.6 %) (587.79) 23.6 % 828.38 (19.9 %) 0.21
Q4 2010 2,037.60 (3.1 %) 2,730.89 6.6 % (78.79) 87.0 % 1,255.70 63.3 % 0.31
Q1 2011 2,072.45 (3.3 %) 3,059.38 (1.3 %) (296.60) 46.3 % 1,502.98 6.4 % 0.37
Q2 2011 2,116.00 6.3 % 3,075.09 2.1 % (407.97) 33.4 % 1,424.32 16.1 % 0.35
Q3 2011 2,173.22 9.9 % 3,059.64 8.3 % (212.25) 63.9 % 1,545.87 86.6 % 0.38
Q4 2011 2,219.76 8.9 % 2,939.51 7.6 % (116.50) (47.9 %) 1,538.58 22.5 % 0.38
Q1 2012 2,303.73 11.2 % 3,703.85 21.1 % (395.58) (33.4 %) 1,953.74 30.0 % 0.49
Q2 2012 2,176.14 2.8 % 3,380.72 9.9 % (351.03) 14.0 % 1,608.14 12.9 % 0.40
Q3 2012 2,332.29 7.3 % 3,271.63 6.9 % (424.82) (100.2 %) 1,480.49 (4.2 %) 0.37
Q4 2012 2,147.42 (3.3 %) 3,152.71 7.3 % (264.59) (127.1 %) 1,410.44 (8.3 %) 0.35
Q1 2013 2,533.05 10.0 % 4,065.77 9.8 % (259.83) 34.3 % 2,331.96 19.4 % 0.58
Q2 2013 2,546.09 17.0 % 3,699.88 9.4 % (156.08) 55.5 % 1,992.11 23.9 % 0.50
Q3 2013 2,373.59 1.8 % 3,423.34 4.6 % (199.61) 53.0 % 1,733.21 17.1 % 0.43
Q4 2013 2,643.48 23.1 % 3,668.53 16.4 % (179.83) 32.0 % 1,794.93 27.3 % 0.45
Q1 2014 2,708.28 6.9 % 3,864.29 (5.0 %) (205.65) 20.9 % 2,535.31 8.7 % 0.63
Q2 2014 2,842.93 11.7 % 4,214.98 13.9 % 91.77 158.8 % 2,425.41 21.8 % 0.60
Q3 2014 2,790.58 17.6 % 4,114.35 20.2 % (400.86) (100.8 %) 1,869.11 7.8 % 0.46
Q4 2014 3,062.34 15.8 % 4,053.41 10.5 % (480.72) (167.3 %) 1,825.33 1.7 % 0.45
Q1 2015 3,033.56 12.0 % 4,447.54 15.1 % (218.33) (6.2 %) 2,605.57 2.8 % 0.65
Q2 2015 3,122.72 9.8 % 4,282.93 1.6 % (278.85) (403.9 %) 2,362.92 (2.6 %) 0.59
Q3 2015 3,255.60 16.7 % 4,312.86 4.8 % (713.13) (77.9 %) 1,994.14 6.7 % 0.50

Profitability

Period Return On Average Assets Return on Average Equity Net Interest Income/Total Operating Income
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - 70.09 %
Q1 2010 1.71 % 16.23 % 71.19 %
Q2 2010 1.71 % 15.85 % 70.62 %
Q3 2010 1.62 % 14.22 % 71.44 %
Q4 2010 1.75 % 15.60 % 69.85 %
Q1 2011 1.71 % 15.64 % 69.48 %
Q2 2011 1.74 % 16.46 % 70.17 %
Q3 2011 1.98 % 17.87 % 70.43 %
Q4 2011 2.06 % 18.37 % 70.72 %
Q1 2012 2.11 % 19.02 % 68.97 %
Q2 2012 2.10 % 19.84 % 67.82 %
Q3 2012 2.10 % 18.80 % 67.93 %
Q4 2012 2.00 % 17.96 % 66.32 %
Q1 2013 2.03 % 18.53 % 66.25 %
Q2 2013 2.11 % 19.21 % 67.36 %
Q3 2013 2.17 % 19.39 % 66.94 %
Q4 2013 2.17 % 19.97 % 67.95 %
Q1 2014 2.07 % 19.96 % 70.08 %
Q2 2014 2.13 % 20.09 % 69.66 %
Q3 2014 2.14 % 20.33 % 69.25 %
Q4 2014 2.13 % 20.09 % 70.19 %
Q1 2015 2.01 % 19.45 % 69.69 %
Q2 2015 1.93 % 18.71 % 71.07 %
Q3 2015 1.92 % 19.01 % 72.96 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 - - - - - -
Q2 2008 - - - - - -
Q3 2008 - - - - - -
Q4 2008 - - - - - -
Q1 2009 250.69 - 204.04 - 101.93 -
Q2 2009 256.90 - 206.86 - 105.81 -
Q3 2009 253.06 - 198.39 - 116.51 -
Q4 2009 257.45 - 202.58 - 112.16 -
Q1 2010 264.82 5.6 % 201.26 (1.4 %) 113.79 11.6 %
Q2 2010 263.27 2.5 % 204.81 (1.0 %) 116.96 10.5 %
Q3 2010 271.23 7.2 % 215.08 8.4 % 122.55 5.2 %
Q4 2010 282.37 9.7 % 229.16 13.1 % 125.60 12.0 %
Q1 2011 298.88 12.9 % 239.34 18.9 % 124.81 9.7 %
Q2 2011 313.78 19.2 % 250.66 22.4 % 130.18 11.3 %
Q3 2011 306.98 13.2 % 242.99 13.0 % 129.82 5.9 %
Q4 2011 301.20 6.7 % 239.46 4.5 % 135.29 7.7 %
Q1 2012 313.64 4.9 % 247.92 3.6 % 142.34 14.0 %
Q2 2012 320.42 2.1 % 250.27 (0.2 %) 150.27 15.4 %
Q3 2012 320.80 4.5 % 251.33 3.4 % 157.21 21.1 %
Q4 2012 345.26 14.6 % 273.53 14.2 % 163.46 20.8 %
Q1 2013 358.02 14.1 % 276.68 11.6 % 170.63 19.9 %
Q2 2013 362.80 13.2 % 288.05 15.1 % 178.21 18.6 %
Q3 2013 367.09 14.4 % 294.78 17.3 % 184.40 17.3 %
Q4 2013 377.29 9.3 % 300.60 9.9 % 187.69 14.8 %
Q1 2014 420.37 17.4 % 333.07 20.4 % 197.39 15.7 %
Q2 2014 435.53 20.0 % 345.60 20.0 % 206.19 15.7 %
Q3 2014 437.91 19.3 % 343.94 16.7 % 213.53 15.8 %
Q4 2014 434.88 15.3 % 333.10 10.8 % 220.72 17.6 %
Q1 2015 449.80 7.0 % 342.85 2.9 % 227.13 15.1 %
Q2 2015 461.41 5.9 % 360.98 4.5 % 234.28 13.6 %
Q3 2015 476.83 8.9 % 367.37 6.8 % 238.60 11.7 %

Ratios

Period Customer Deposits Per Total Assets Loans and advances/Total assets Loans and advances/Customers Deposits
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 81.39 % 40.66 % 49.95 %
Q2 2009 80.52 % 41.19 % 51.15 %
Q3 2009 78.40 % 46.04 % 58.73 %
Q4 2009 78.69 % 43.56 % 55.36 %
Q1 2010 76.00 % 42.97 % 56.54 %
Q2 2010 77.79 % 44.42 % 57.11 %
Q3 2010 79.30 % 45.18 % 56.98 %
Q4 2010 81.16 % 44.48 % 54.81 %
Q1 2011 80.08 % 41.76 % 52.15 %
Q2 2011 79.88 % 41.49 % 51.94 %
Q3 2011 79.16 % 42.29 % 53.43 %
Q4 2011 79.50 % 44.92 % 56.50 %
Q1 2012 79.05 % 45.38 % 57.41 %
Q2 2012 78.11 % 46.90 % 60.04 %
Q3 2012 78.34 % 49.01 % 62.55 %
Q4 2012 79.22 % 47.34 % 59.76 %
Q1 2013 77.28 % 47.66 % 61.67 %
Q2 2013 79.40 % 49.12 % 61.87 %
Q3 2013 80.30 % 50.23 % 62.56 %
Q4 2013 79.67 % 49.75 % 62.44 %
Q1 2014 79.23 % 46.96 % 59.26 %
Q2 2014 79.35 % 47.34 % 59.66 %
Q3 2014 78.54 % 48.76 % 62.08 %
Q4 2014 76.60 % 50.75 % 66.26 %
Q1 2015 76.22 % 50.49 % 66.25 %
Q2 2015 78.23 % 50.78 % 64.90 %
Q3 2015 77.04 % 50.04 % 64.95 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2006 - - - - -
Q2 2006 - - - - -
Q3 2006 - - - - -
Q4 2006 - - - - -
Q1 2007 - - - - -
Q2 2007 - - - - -
Q3 2007 - - - - -
Q4 2007 - - - - -
Q1 2008 - - - - -
Q2 2008 - - - - -
Q3 2008 - - - - -
Q4 2008 - - - - -
Q1 2009 4,019.65 - - - 6.34
Q2 2009 4,019.65 - - - 6.70
Q3 2009 4,019.65 - - - 7.15
Q4 2009 4,019.65 1.01 1.01 - 7.28
Q1 2010 4,019.65 1.10 1.10 - 7.17
Q2 2010 4,019.65 1.11 1.11 - 7.24
Q3 2010 4,019.65 1.05 1.05 - 7.68
Q4 2010 4,019.65 1.18 1.18 - 7.78
Q1 2011 4,019.65 1.20 1.20 - 8.14
Q2 2011 4,019.65 1.25 1.25 - 7.91
Q3 2011 4,019.65 1.43 1.43 - 8.27
Q4 2011 4,019.65 1.50 1.50 - 8.50
Q1 2012 4,019.65 1.61 1.61 - 8.76
Q2 2012 4,019.65 1.65 1.65 - 8.76
Q3 2012 4,019.65 1.64 1.64 - 9.15
Q4 2012 4,019.65 1.61 1.61 - 9.38
Q1 2013 4,019.65 1.70 1.70 - 9.58
Q2 2013 4,019.65 1.79 1.79 - 9.93
Q3 2013 4,019.65 1.86 1.86 - 10.01
Q4 2013 4,019.65 1.95 1.95 - 10.18
Q1 2014 4,019.65 2.00 2.00 - 10.51
Q2 2014 4,019.65 2.11 2.11 - 11.10
Q3 2014 4,019.65 2.15 2.15 - 11.10
Q4 2014 4,019.65 2.15 2.15 - 11.25
Q1 2015 4,019.65 2.17 2.17 - 11.81
Q2 2015 4,019.65 2.16 2.16 - 11.95
Q3 2015 4,019.65 2.19 2.19 - 11.91

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 18.97 18.97 3.63
Q1 2015 20.89 20.89 3.84
Q2 2015 21.52 21.52 3.88
Q3 2015 18.33 18.33 3.37

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Capital Market International Banking
Q1 2009 1,615.37 550.46 409.43 165.79 424.51
Q2 2009 1,614.72 507.68 98.23 169.08 428.19
Q3 2009 1,578.05 600.10 147.11 140.28 466.79
Q4 2009 1,472.98 567.04 (84.00) 146.60 460.23
Q1 2010 1,429.43 550.42 556.18 112.37 450.65
Q2 2010 1,354.72 516.49 551.14 150.77 437.95
Q3 2010 1,250.06 580.16 463.35 153.97 378.72
Q4 2010 1,181.16 524.00 453.94 127.34 444.44
Q1 2011 1,224.26 512.03 746.66 146.97 429.46
Q2 2011 1,211.32 507.83 740.55 147.43 467.96
Q3 2011 1,158.03 458.35 840.83 148.33 454.10
Q4 2011 1,162.53 531.82 673.83 78.14 493.19
Q1 2012 1,370.73 589.23 926.63 244.35 572.91
Q2 2012 1,324.88 486.68 839.73 201.57 527.86
Q3 2012 1,198.40 749.16 722.69 167.08 434.30
Q4 2012 1,197.65 490.57 743.17 155.74 565.60
Q1 2013 1,418.17 775.64 1,145.26 160.86 565.85
Q2 2013 1,276.19 933.13 771.59 167.65 551.32
Q3 2013 1,220.48 805.71 736.59 143.22 517.35
Q4 2013 1,387.79 920.72 723.88 132.59 503.54
Q1 2014 1,394.07 901.15 892.75 174.43 501.88
Q2 2014 1,444.40 926.59 1,097.32 219.17 527.50
Q3 2014 1,455.20 868.24 1,023.74 171.82 595.35
Q4 2014 1,427.35 1,032.33 776.42 188.93 628.39
Q1 2015 1,448.95 1,041.10 1,224.33 166.74 566.42
Q2 2015 1,522.94 1,034.67 1,013.61 183.19 528.51
Q3 2015 1,533.85 1,062.65 1,011.26 160.03 545.05

Analysts Estimates (Million)

Item Q3 2015 (e) Q3 2015 (a) Change‬
Average 2,107.70 1,994.14 (5.4 %)

Estimates vs Actual (Million)

Item Q3 2015 (e) Q3 2015 (a) Change
OSOOL AND BAKHEET 1,984.40 1,994.14 0.5 %
Alistithmar Capital 2,231.00 1,994.14 (10.6) %


Financial Ratios
Current
Market Cap (M Riyal) 206,100.00
Shares Outstanding ((M)) 6,000.00
EPS ( Riyal) (TTM) 3.34
EPS Diluted ( Riyal) (TTM) 3.24
Book Value (BV) ( Riyal) 27.47
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 10.29
P/E (TTM) 10.29
Price/book 1.25
Return on Average Assets (%) (TTM) 2.0
Return on Average Equity (%) (TTM) 12.6
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