SAIB’s net profit falls 32% in 9M 2016

19/10/2016 Argaam Exclusive

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Saudi Investment Bank
12.96
(0.12) (0.92 %)

Saudi Investment Bank (SAIB)

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The Saudi Investment Bank’s (SAIB) net profit for the first nine months of 2016 fell 32 percent year-on-year to SAR 750.8 million on higher operating expenses and lower operating income, and an impairment charge for investments, the lender said.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Net Special Commission Income 1,303.11 1,294.16 (0.7 %)
Operating Income 1,895.89 1,836.08 (3.2 %)
Total Provisions (91.00) (206.00) (126.4 %)
Net Income 1,100.70 750.79 (31.8 %)
Average Shares 1,250.00 1,250.00 -
EPS (Riyals) 0.88 0.60 (31.8 %)

Net profit for the third quarter fell 38 percent YoY to SAR 219.4 million, also due to higher operating expenses and a decrease in operating income. When compared to the previous quarter, however, Q3 profit fell 32 percent on higher operating expenses and impairment charges recorded for investments.



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Net Special Commission Income 441.57 460.66 4.3 %
Operating Income 603.17 633.14 5.0 %
Debt Provisions (22.00) (30.00) (36.4 %)
Net Income 351.43 219.43 (37.6 %)
Average Shares 1,250.00 1,250.00 -
EPS (Riyals) 0.28 0.18 (37.6 %)

Balance Sheet (B)

Item 9m 2015 9m 2016 Change‬
Assets 90.27 96.18 6.5 %
Customer Deposits 66.82 66.45 (0.6 %)
Loan 58.08 61.29 5.5 %


Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Debt Provisions Change Net Income Change EPS(Riyal)
Q1 2007 284.28 26.5 % 425.50 (36.5 %) (15.00) 62.5 % 306.14 (43.3 %) 0.24
Q2 2007 248.71 0.3 % 347.49 (65.5 %) (5.00) 83.3 % 225.36 (73.1 %) 0.18
Q3 2007 284.90 3.6 % 491.23 8.2 % (20.00) (100.0 %) 336.33 3.1 % 0.27
Q4 2007 238.11 (15.8 %) 371.12 (12.6 %) (56.70) (243.6 %) (45.64) (115.1 %) (0.04)
Q1 2008 255.17 (10.2 %) 482.69 13.4 % (15.00) 0.0 % 258.17 (15.7 %) 0.21
Q2 2008 350.10 40.8 % 613.37 76.5 % (5.00) 0.0 % 279.98 24.2 % 0.22
Q3 2008 221.60 (22.2 %) 415.22 (15.5 %) (5.00) 75.0 % 65.80 (80.4 %) 0.05
Q4 2008 199.57 (16.2 %) 426.82 15.0 % (5.00) 91.2 % (90.72) (98.8 %) (0.07)
Q1 2009 241.14 (5.5 %) 317.53 (34.2 %) (5.00) 66.7 % 240.59 (6.8 %) 0.19
Q2 2009 262.76 (24.9 %) 361.28 (41.1 %) (55.00) (1,000.0 %) 187.83 (32.9 %) 0.15
Q3 2009 239.81 8.2 % 370.32 (10.8 %) (60.00) (1,100.0 %) 202.76 208.2 % 0.16
Q4 2009 270.72 35.6 % 468.02 9.7 % (394.57) (7,791.3 %) (109.55) (20.8 %) (0.09)
Q1 2010 312.19 29.5 % 451.13 42.1 % (293.00) (5,760.0 %) 20.88 (91.3 %) 0.02
Q2 2010 328.20 24.9 % 448.57 24.2 % (245.00) (345.5 %) 21.76 (88.4 %) 0.02
Q3 2010 350.50 46.2 % 437.42 18.1 % (150.00) (150.0 %) 148.90 (26.6 %) 0.12
Q4 2010 324.07 19.7 % 412.13 (11.9 %) (50.00) 87.3 % 237.80 317.1 % 0.19
Q1 2011 316.22 1.3 % 414.44 (8.1 %) (50.00) 82.9 % 207.95 896.1 % 0.17
Q2 2011 322.45 (1.8 %) 424.81 (5.3 %) (58.00) 76.3 % 208.22 856.8 % 0.17
Q3 2011 300.73 (14.2 %) 394.87 (9.7 %) (115.00) 23.3 % 144.02 (3.3 %) 0.12
Q4 2011 287.06 (11.4 %) 381.76 (7.4 %) (65.00) (30.0 %) 147.42 (38.0 %) 0.12
Q1 2012 290.66 (8.1 %) 458.62 10.7 % (115.00) (130.0 %) 212.24 2.1 % 0.17
Q2 2012 306.47 (5.0 %) 419.40 (1.3 %) (70.00) (20.7 %) 222.39 6.8 % 0.18
Q3 2012 320.57 6.6 % 407.20 3.1 % (45.00) 60.9 % 231.80 61.0 % 0.19
Q4 2012 324.24 13.0 % 436.39 14.3 % (25.00) 61.5 % 245.62 66.6 % 0.20
Q1 2013 339.61 16.8 % 505.38 10.2 % (30.00) 73.9 % 314.27 48.1 % 0.25
Q2 2013 343.41 12.1 % 518.68 23.7 % (30.00) 57.1 % 320.40 44.1 % 0.26
Q3 2013 346.63 8.1 % 501.41 23.1 % (30.00) 33.3 % 325.39 40.4 % 0.26
Q4 2013 335.34 3.4 % 491.19 12.6 % (15.00) 40.0 % 326.77 33.0 % 0.26
Q1 2014 354.68 4.4 % 533.35 5.5 % (141.00) (370.0 %) 337.47 7.4 % 0.27
Q2 2014 371.05 8.0 % 550.75 6.2 % (21.00) 30.0 % 352.96 10.2 % 0.28
Q3 2014 389.06 12.2 % 576.12 14.9 % (14.00) 53.3 % 371.17 14.1 % 0.30
Q4 2014 424.77 26.7 % 647.00 31.7 % (45.30) (202.0 %) 374.87 14.7 % 0.30
Q1 2015 430.57 21.4 % 652.24 22.3 % (23.00) 83.7 % 366.70 8.7 % 0.29
Q2 2015 430.97 16.1 % 640.48 16.3 % (46.00) (119.0 %) 382.57 8.4 % 0.31
Q3 2015 441.57 13.5 % 603.17 4.7 % (22.00) (57.1 %) 351.43 (5.3 %) 0.28
Q4 2015 428.08 0.8 % 615.17 (4.9 %) (27.00) 40.4 % 227.96 (39.2 %) 0.18
Q1 2016 412.80 (4.1 %) 590.74 (9.4 %) (118.00) (413.0 %) 210.00 (42.7 %) 0.17
Q2 2016 420.70 (2.4 %) 612.19 (4.4 %) (58.00) (26.1 %) 321.37 (16.0 %) 0.26
Q3 2016 460.66 4.3 % 633.14 5.0 % (30.00) (36.4 %) 219.43 (37.6 %) 0.18

Profitability

Period Return On Average Assets Return on Average Equity Net Interest Income/Total Operating Income
Q1 2007 4.34 % 29.73 % 47.14 %
Q2 2007 2.91 % 19.16 % 66.04 %
Q3 2007 2.80 % 18.69 % 65.17 %
Q4 2007 1.88 % 12.88 % 64.57 %
Q1 2008 1.80 % 11.83 % 60.67 %
Q2 2008 1.79 % 12.22 % 57.61 %
Q3 2008 1.12 % 8.24 % 56.58 %
Q4 2008 1.03 % 7.69 % 52.96 %
Q1 2009 1.03 % 7.25 % 57.10 %
Q2 2009 0.79 % 5.67 % 60.83 %
Q3 2009 1.03 % 7.41 % 63.91 %
Q4 2009 1.01 % 7.47 % 66.86 %
Q1 2010 0.61 % 4.16 % 65.76 %
Q2 2010 0.27 % 1.85 % 66.22 %
Q3 2010 0.16 % 1.05 % 69.89 %
Q4 2010 0.84 % 5.54 % 75.17 %
Q1 2011 1.22 % 7.76 % 77.02 %
Q2 2011 1.61 % 10.05 % 77.76 %
Q3 2011 1.60 % 9.79 % 76.75 %
Q4 2011 1.37 % 8.49 % 75.90 %
Q1 2012 1.38 % 8.42 % 72.34 %
Q2 2012 1.40 % 8.47 % 71.61 %
Q3 2012 1.54 % 9.30 % 72.27 %
Q4 2012 1.64 % 10.17 % 72.14 %
Q1 2013 1.76 % 11.29 % 73.00 %
Q2 2013 1.85 % 12.22 % 71.10 %
Q3 2013 1.92 % 12.71 % 69.01 %
Q4 2013 1.84 % 13.11 % 67.69 %
Q1 2014 1.79 % 12.91 % 67.50 %
Q2 2014 1.74 % 13.15 % 67.78 %
Q3 2014 1.72 % 12.70 % 67.40 %
Q4 2014 1.65 % 13.00 % 66.73 %
Q1 2015 1.69 % 12.78 % 66.59 %
Q2 2015 1.66 % 13.05 % 66.59 %
Q3 2015 1.63 % 12.38 % 67.95 %
Q4 2015 1.42 % 11.12 % 68.94 %
Q1 2016 1.25 % 9.83 % 69.95 %
Q2 2016 1.18 % 9.38 % 70.34 %
Q3 2016 1.05 % 8.12 % 70.26 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
Q1 2007 39.89 (4.5 %) 27.60 (5.9 %) 17.82 (9.8 %)
Q2 2007 40.44 3.2 % 27.69 2.8 % 19.73 2.1 %
Q3 2007 45.13 17.8 % 30.54 17.9 % 21.75 7.8 %
Q4 2007 46.54 13.9 % 32.77 17.3 % 23.13 11.8 %
Q1 2008 46.12 15.6 % 33.08 19.8 % 24.56 37.9 %
Q2 2008 51.93 28.4 % 36.86 33.1 % 28.14 42.6 %
Q3 2008 54.50 20.8 % 43.05 41.0 % 29.87 37.4 %
Q4 2008 53.60 15.2 % 40.70 24.2 % 29.56 27.8 %
Q1 2009 50.28 9.0 % 38.04 15.0 % 30.11 22.6 %
Q2 2009 50.73 (2.3 %) 36.36 (1.4 %) 30.15 7.2 %
Q3 2009 50.57 (7.2 %) 38.42 (10.8 %) 30.53 2.2 %
Q4 2009 50.15 (6.4 %) 38.25 (6.0 %) 29.78 0.8 %
Q1 2010 49.49 (1.6 %) 36.51 (4.0 %) 30.65 1.8 %
Q2 2010 48.87 (3.7 %) 35.77 (1.6 %) 30.55 1.3 %
Q3 2010 49.32 (2.5 %) 35.60 (7.3 %) 31.21 2.2 %
Q4 2010 51.49 2.7 % 37.22 (2.7 %) 31.00 4.1 %
Q1 2011 51.22 3.5 % 37.97 4.0 % 30.78 0.4 %
Q2 2011 50.57 3.5 % 36.08 0.9 % 30.63 0.3 %
Q3 2011 50.62 2.6 % 36.65 2.9 % 30.47 (2.4 %)
Q4 2011 51.95 0.9 % 36.77 (1.2 %) 27.11 (12.5 %)
Q1 2012 52.19 1.9 % 36.94 (2.7 %) 27.98 (9.1 %)
Q2 2012 53.46 5.7 % 38.08 5.5 % 29.79 (2.7 %)
Q3 2012 55.05 8.7 % 38.84 6.0 % 31.79 4.3 %
Q4 2012 59.07 13.7 % 40.41 9.9 % 34.05 25.6 %
Q1 2013 63.13 21.0 % 44.04 19.2 % 36.99 32.2 %
Q2 2013 66.66 24.7 % 48.56 27.5 % 40.41 35.6 %
Q3 2013 70.81 28.6 % 51.85 33.5 % 42.73 34.4 %
Q4 2013 80.50 36.3 % 57.04 41.2 % 47.57 39.7 %
Q1 2014 82.86 31.3 % 62.14 41.1 % 52.24 41.2 %
Q2 2014 88.06 32.1 % 67.73 39.5 % 54.77 35.5 %
Q3 2014 90.55 27.9 % 69.68 34.4 % 57.56 34.7 %
Q4 2014 93.63 16.3 % 70.73 24.0 % 57.47 20.8 %
Q1 2015 91.06 9.9 % 69.63 12.0 % 57.32 9.7 %
Q2 2015 92.51 5.1 % 70.48 4.1 % 57.17 4.4 %
Q3 2015 90.27 (0.3 %) 66.82 (4.1 %) 58.08 0.9 %
Q4 2015 93.58 (0.1 %) 70.52 (0.3 %) 60.27 4.9 %
Q1 2016 96.39 5.9 % 70.69 1.5 % 61.62 7.5 %
Q2 2016 95.95 3.7 % 68.09 (3.4 %) 61.25 7.1 %
Q3 2016 96.18 6.5 % 66.45 (0.6 %) 61.29 5.5 %

Ratios

Period Customer Deposits Per Total Assets Loans and advances/Total assets Loans and advances/Customers Deposits
Q1 2007 69.20 % 44.67 % 64.55 %
Q2 2007 68.48 % 48.78 % 71.23 %
Q3 2007 67.67 % 48.19 % 71.21 %
Q4 2007 70.41 % 49.69 % 70.58 %
Q1 2008 71.72 % 53.26 % 74.26 %
Q2 2008 70.98 % 54.18 % 76.34 %
Q3 2008 78.98 % 54.82 % 69.40 %
Q4 2008 75.94 % 55.14 % 72.61 %
Q1 2009 75.65 % 59.88 % 79.15 %
Q2 2009 71.68 % 59.44 % 82.92 %
Q3 2009 75.96 % 60.36 % 79.46 %
Q4 2009 76.27 % 59.39 % 77.87 %
Q1 2010 73.77 % 61.94 % 83.96 %
Q2 2010 73.21 % 62.52 % 85.41 %
Q3 2010 72.18 % 63.29 % 87.68 %
Q4 2010 72.27 % 60.21 % 83.30 %
Q1 2011 74.14 % 60.09 % 81.06 %
Q2 2011 71.36 % 60.58 % 84.90 %
Q3 2011 72.39 % 60.19 % 83.14 %
Q4 2011 70.79 % 52.20 % 73.74 %
Q1 2012 70.79 % 53.61 % 75.74 %
Q2 2012 71.23 % 55.73 % 78.24 %
Q3 2012 70.55 % 57.74 % 81.85 %
Q4 2012 68.42 % 57.65 % 84.26 %
Q1 2013 69.76 % 58.59 % 83.99 %
Q2 2013 72.85 % 60.63 % 83.23 %
Q3 2013 73.22 % 60.33 % 82.40 %
Q4 2013 70.87 % 59.09 % 83.39 %
Q1 2014 75.00 % 63.04 % 84.06 %
Q2 2014 76.91 % 62.19 % 80.86 %
Q3 2014 76.96 % 63.57 % 82.61 %
Q4 2014 75.55 % 61.38 % 81.25 %
Q1 2015 76.46 % 62.94 % 82.32 %
Q2 2015 76.18 % 61.80 % 81.12 %
Q3 2015 74.02 % 64.33 % 86.91 %
Q4 2015 75.36 % 64.40 % 85.47 %
Q1 2016 73.33 % 63.92 % 87.17 %
Q2 2016 70.96 % 63.84 % 89.96 %
Q3 2016 69.08 % 63.72 % 92.24 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2007 1,250.00 1.42 1.42 - 5.04
Q2 2007 1,250.00 0.93 0.93 - 5.16
Q3 2007 1,250.00 0.94 0.94 - 5.33
Q4 2007 1,250.00 0.66 0.66 - 5.42
Q1 2008 1,250.00 0.62 0.62 - 5.43
Q2 2008 1,250.00 0.66 0.66 - 5.69
Q3 2008 1,250.00 0.45 0.45 - 5.51
Q4 2008 1,250.00 0.41 0.41 - 5.26
Q1 2009 1,250.00 0.40 0.40 - 5.51
Q2 2009 1,250.00 0.32 0.32 - 5.69
Q3 2009 1,250.00 0.43 0.43 - 6.16
Q4 2009 1,250.00 0.42 0.42 - 5.91
Q1 2010 1,250.00 0.24 0.24 - 6.10
Q2 2010 1,250.00 0.11 0.11 - 6.06
Q3 2010 1,250.00 0.07 0.07 - 6.29
Q4 2010 1,250.00 0.34 0.34 - 6.48
Q1 2011 1,250.00 0.49 0.49 - 6.62
Q2 2011 1,250.00 0.64 0.64 - 6.73
Q3 2011 1,250.00 0.64 0.64 - 6.75
Q4 2011 1,250.00 0.57 0.57 - 6.85
Q1 2012 1,250.00 0.57 0.57 - 6.92
Q2 2012 1,250.00 0.58 0.58 - 6.99
Q3 2012 1,250.00 0.65 0.65 - 7.26
Q4 2012 1,250.00 0.73 0.73 - 7.50
Q1 2013 1,250.00 0.81 0.81 - 7.46
Q2 2013 1,250.00 0.89 0.89 - 7.57
Q3 2013 1,250.00 0.96 0.96 - 7.91
Q4 2013 1,250.00 1.03 1.03 - 8.20
Q1 2014 1,250.00 1.05 0.87 - 8.78
Q2 2014 1,250.00 1.07 0.89 - 8.76
Q3 2014 1,250.00 1.11 0.93 - 9.58
Q4 2014 1,250.00 1.15 0.97 - 9.48
Q1 2015 1,250.00 1.17 1.17 - 9.57
Q2 2015 1,250.00 1.20 1.20 - 9.57
Q3 2015 1,250.00 1.18 1.18 - 9.50
Q4 2015 1,250.00 1.06 1.06 - 9.63
Q1 2016 1,250.00 0.94 0.94 - 9.49
Q2 2016 1,250.00 0.89 0.89 - 9.37
Q3 2016 1,250.00 0.78 0.78 - 9.79

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 9.90 9.90 2.79
Q2 2007 14.50 14.50 2.61
Q3 2007 14.38 14.38 2.52
Q4 2007 30.24 30.24 3.67
Q1 2008 21.05 21.05 2.40
Q2 2008 19.08 19.08 2.22
Q3 2008 23.79 23.79 1.93
Q4 2008 15.67 15.67 1.22
Q1 2009 16.40 16.40 1.18
Q2 2009 21.03 21.03 1.19
Q3 2009 16.87 16.87 1.18
Q4 2009 16.77 16.77 1.18
Q1 2010 30.47 30.47 1.21
Q2 2010 More than 50 More than 50 1.24
Q3 2010 More than 50 More than 50 1.39
Q4 2010 24.92 24.92 1.32
Q1 2011 19.49 19.49 1.45
Q2 2011 13.95 13.95 1.33
Q3 2011 12.69 12.69 1.20
Q4 2011 13.57 13.57 1.12
Q1 2012 17.54 17.54 1.44
Q2 2012 12.85 12.85 1.07
Q3 2012 11.69 11.69 1.05
Q4 2012 11.80 11.80 1.15
Q1 2013 10.43 10.43 1.13
Q2 2013 11.70 11.70 1.37
Q3 2013 11.69 11.69 1.42
Q4 2013 13.26 13.26 1.66
Q1 2014 13.94 16.81 1.66
Q2 2014 12.42 14.91 1.52
Q3 2014 14.38 17.14 1.67
Q4 2014 11.70 13.86 1.42
Q1 2015 10.61 10.61 1.30
Q2 2015 9.86 9.86 1.23
Q3 2015 8.91 8.91 1.11
Q4 2015 8.41 8.41 0.93
Q1 2016 8.70 8.70 0.86
Q2 2016 8.00 8.00 0.76
Q3 2016 7.29 7.29 0.58

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Brokerage and Asset Management Joint Projects Others..
Q1 2007 199.02 131.20 95.27 - - -
Q2 2007 137.20 128.35 81.94 - - -
Q3 2007 155.34 153.96 181.94 - - -
Q4 2007 (38.70) 150.63 (9.19) 268.39 - -
Q1 2008 104.75 159.31 134.13 84.51 - -
Q2 2008 121.48 167.53 249.46 74.90 - -
Q3 2008 168.38 176.10 17.67 53.07 - -
Q4 2008 106.98 160.43 122.74 36.68 - -
Q1 2009 129.79 127.26 35.02 25.47 - -
Q2 2009 166.44 134.60 25.55 34.70 - -
Q3 2009 128.61 134.84 83.13 23.75 - -
Q4 2009 175.19 272.80 (10.82) 30.86 - -
Q1 2010 159.67 135.51 129.97 25.99 - -
Q2 2010 175.65 152.45 92.40 28.07 - -
Q3 2010 215.74 125.99 74.48 21.21 - -
Q4 2010 147.93 242.09 (1.36) 23.47 - -
Q1 2011 153.32 152.78 84.60 23.74 - -
Q2 2011 167.24 155.90 78.31 23.36 - -
Q3 2011 165.01 153.49 58.08 18.29 - -
Q4 2011 160.50 141.49 57.43 22.34 - -
Q1 2012 163.47 187.96 79.05 28.15 - -
Q2 2012 170.50 153.23 72.13 23.54 - -
Q3 2012 182.17 122.01 84.83 18.19 - -
Q4 2012 171.57 157.40 88.43 18.99 - -
Q1 2013 174.07 154.75 143.85 32.71 - -
Q2 2013 154.10 171.26 169.87 23.44 - -
Q3 2013 188.69 117.81 173.46 21.46 - -
Q4 2013 161.33 161.54 146.73 21.60 - -
Q1 2014 186.89 196.13 342.87 31.42 - -
Q2 2014 218.89 198.35 98.34 35.18 - -
Q3 2014 222.61 196.14 123.01 34.37 - -
Q4 2014 294.50 237.12 84.60 30.78 - -
Q1 2015 221.00 259.25 140.23 38.90 2.14 (9.28)
Q2 2015 185.47 306.77 131.29 34.83 (6.63) (11.25)
Q3 2015 261.74 220.97 230.40 24.55 (1.83) (132.66)
Q4 2015 240.10 172.33 260.22 22.59 (4.09) (75.97)
Q1 2016 234.59 154.29 229.81 22.08 (10.90) (39.12)
Q2 2016 309.09 306.12 57.15 21.02 (13.03) (68.16)
Q3 2016 275.32 323.22 131.85 18.63 (15.62) (100.27)

Analysts Estimates (Million)

Item Q3 2016 (e) Q3 2016 (a) Change‬
Average 329.00 219.43 (33.3 %)

Estimates vs Actual (Million)

Item Q3 2016 (e) Q3 2016 (a) Change
SNB Capital 329.00 219.43 (33.3) %


Financial Ratios
Current
Market Cap (M Riyal) 16,200.00
Shares Outstanding ((M)) 1,250.00
EPS ( Riyal) (TTM) 1.44
EPS Diluted ( Riyal) (TTM) 1.46
Book Value (BV) ( Riyal) 11.65
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 9.02
P/E (TTM) 9.02
Price/book 1.11
Return on Average Assets (%) (TTM) 1.4
Return on Average Equity (%) (TTM) 12.5
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