Arab National Bank’s (ANB) net profit fell 28% year-on-year (YoY) to SAR 1.798 billion for the first nine months of 2020, driven by a 13.3% decline in total operating income on lower net special income. Also, total operating expenses increased by 4.9% for the same period.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Net Special Commission Income | 4,212.74 | 3,700.45 | (12.2 %) |
| Operating Income | 5,103.81 | 4,423.17 | (13.3 %) |
| Total Provisions | (545.93) | (747.46) | (36.9 %) |
| Net Income | 2,507.98 | 1,798.34 | (28.3 %) |
| Average Shares | 1,500.00 | 1,500.00 | - |
| EPS (Riyals) | 1.67 | 1.20 | (28.3 %) |
| EPS Diluted (Riyals) | 1.67 | 1.20 | (28.1 %) |
The third-quarter net profit dropped 20% YoY to SAR 668.6 million, due to 15.7% lower total operating income.
The bank also cited lower net special commission income, decreased net exchange income and lower unrealised gains on FVTPL financial instruments.
On a sequential basis, Q3 2020 net profit jumped 37.6%.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,410.44 | 1,210.64 | (14.2 %) |
| Operating Income | 1,736.71 | 1,463.83 | (15.7 %) |
| Debt Provisions | (210.36) | (203.68) | 3.2 % |
| Net Income | 834.76 | 668.60 | (19.9 %) |
| Average Shares | 1,500.00 | 1,500.00 | - |
| EPS (Riyals) | 0.56 | 0.45 | (19.9 %) |
| EPS Diluted (Riyal) | 0.56 | 0.45 | (19.6 %) |
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Assets | 170.93 | 188.53 | 10.3 % |
| Customer Deposits | 130.92 | 136.72 | 4.4 % |
| Loan | 117.88 | 118.06 | 0.2 % |
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