NCB’s net profit edges up 1% in H1

23/07/2017 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 bank by assets, reported a net profit of SAR 5.12 billion for the first half of 2017, a 1 percent year-on-year (YoY) rise attributed to lower operating expenses, as well as higher net special commission income, forex and investment income. The bank also said that operating income decreased on lower banking services fees.

 

“The principal drivers of the decrease in operating income were SAR 238 mln lower fees from banking services, while net special commission, foreign exchange and investment related income improved by SAR 50 mln, SAR 41 mln and SR 183 mln,  respectively,” the lender said in a statement on Sunday.

 

Operating expenses, excluding impairment charges for financing and investments, fell by SAR 312 mln during the period, which were partly offset by an increase of SAR 167 mln impairment in charges for financing, NCB added.



Financials (M)

Item 6m 2016 6m 2017 Change‬
Net Special Commission Income 6,784.00 6,832.37 0.7 %
Operating Income 9,384.22 9,338.07 (0.5 %)
Total Provisions (727.92) (899.69) (23.6 %)
Net Income 5,068.36 5,119.89 1.0 %
Average Shares 4,019.65 4,019.65 -
EPS (Riyals) 1.26 1.27 1.0 %

Net profit for the second quarter slipped 0.9 percent YoY to SAR 2.42 billion, hurt by lower operating income and fees from banking services and investment income.

 

When compared to Q1 2017, Q2 profit fell 11 percent from SAR 2.7 billion.



Current Quarter Comparison (M)

Compared With The
Item Q2 2016 Q2 2017 Change‬
Net Special Commission Income 3,348.18 3,472.91 3.7 %
Operating Income 4,660.25 4,478.34 (3.9 %)
Debt Provisions (381.30) (477.71) (25.3 %)
Net Income 2,437.54 2,417.42 (0.8 %)
Average Shares 4,019.65 4,019.65 -
EPS (Riyals) 0.61 0.60 (0.8 %)

Balance Sheet (B)

Item 6m 2016 6m 2017 Change‬
Assets 452.61 450.49 (0.5 %)
Customer Deposits 314.71 314.69 0.0 %
Loan 264.77 256.90 (3.0 %)


Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Debt Provisions Change Net Income Change EPS(Riyal)
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
Q4 2015 3,169.96 3.5 % 4,442.37 9.6 % (390.05) 18.9 % 2,126.56 16.5 % 0.53
Q1 2016 3,435.82 13.3 % 4,723.97 6.2 % (346.63) (58.8 %) 2,630.81 1.0 % 0.65
Q2 2016 3,348.18 7.2 % 4,660.25 8.8 % (381.30) (36.7 %) 2,437.54 3.2 % 0.61
Q3 2016 3,441.72 5.7 % 4,662.80 8.1 % (839.11) (17.7 %) 1,961.78 (1.6 %) 0.49
Q4 2016 3,323.86 4.9 % 4,600.36 3.6 % (363.93) 6.7 % 2,286.72 7.5 % 0.57
Q1 2017 3,359.46 (2.2 %) 4,859.82 2.9 % (421.98) (21.7 %) 2,702.56 2.7 % 0.67
Q2 2017 3,472.91 3.7 % 4,478.34 (3.9 %) (477.71) (25.3 %) 2,417.42 (0.8 %) 0.60

Profitability

Period Return On Average Assets Return on Average Equity Net Interest Income/Total Operating Income
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 %
Q4 2015 2.06 % 19.41 % 71.96 %
Q1 2016 2.02 % 18.46 % 73.10 %
Q2 2016 2.01 % 18.39 % 72.82 %
Q3 2016 2.00 % 18.35 % 72.45 %
Q4 2016 2.09 % 18.36 % 72.66 %
Q1 2017 2.08 % 17.67 % 71.73 %
Q2 2017 2.07 % 17.88 % 73.10 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
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 %
Q4 2015 448.64 3.2 % 323.87 (2.8 %) 252.94 14.6 %
Q1 2016 452.00 0.5 % 326.03 (4.9 %) 265.34 16.8 %
Q2 2016 452.61 (1.9 %) 314.71 (12.8 %) 264.77 13.0 %
Q3 2016 438.76 (8.0 %) 311.23 (15.3 %) 259.92 8.9 %
Q4 2016 442.66 (1.3 %) 315.62 (2.5 %) 253.59 0.3 %
Q1 2017 449.00 (0.7 %) 313.65 (3.8 %) 254.20 (4.2 %)
Q2 2017 450.49 (0.5 %) 314.69 0.0 % 256.90 (3.0 %)

Ratios

Period Customer Deposits Per Total Assets Loans and advances/Total assets Loans and advances/Customers Deposits
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 %
Q4 2015 72.19 % 56.38 % 78.10 %
Q1 2016 72.13 % 58.70 % 81.39 %
Q2 2016 69.53 % 58.50 % 84.13 %
Q3 2016 70.93 % 59.24 % 83.51 %
Q4 2016 71.30 % 57.29 % 80.35 %
Q1 2017 69.86 % 56.62 % 81.05 %
Q2 2017 69.86 % 57.03 % 81.64 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
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
Q4 2015 4,019.65 2.26 2.26 - 12.06
Q1 2016 4,019.65 2.27 2.27 - 12.75
Q2 2016 4,019.65 2.29 2.29 - 12.91
Q3 2016 4,019.65 2.28 2.28 - 12.92
Q4 2016 4,019.65 2.32 2.32 - 13.19
Q1 2017 4,019.65 2.34 2.34 - 13.68
Q2 2017 4,019.65 2.33 2.33 - 13.15

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2015 16.78 16.78 3.15
Q1 2016 13.33 13.33 2.37
Q2 2016 12.99 12.99 2.30
Q3 2016 10.75 10.75 1.90
Q4 2016 13.65 13.65 2.40
Q1 2017 12.54 12.54 2.14
Q2 2017 16.92 16.92 3.00

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
Q4 2015 1,854.84 1,002.57 857.08 181.42 546.46
Q1 2016 1,970.14 1,040.62 1,017.29 159.51 536.42
Q2 2016 1,985.35 1,054.82 882.82 147.36 589.90
Q3 2016 1,967.03 1,104.46 874.28 114.20 602.84
Q4 2016 1,782.46 1,186.84 970.39 159.65 501.03
Q1 2017 1,938.41 1,235.61 1,133.92 163.66 388.22
Q2 2017 1,924.73 1,042.93 973.23 144.16 393.30

Analysts Estimates (Million)

Item Q2 2017 (e) Q2 2017 (a) Change‬
Average 2,535.90 2,417.42 (4.7 %)

Estimates vs Actual (Million)

Item Q2 2017 (e) Q2 2017 (a) Change
HSBC 2,477.00 2,417.42 (2.4) %
OSOOL AND BAKHEET 2,503.70 2,417.42 (3.4) %
Sico 2,627.00 2,417.42 (8.0) %


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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