Argaam Report: Last Updated Date 23/04/2017
Saudi-listed banks reported a 1 percent decline year-on-year (YoY) in aggregate net profit to SAR 11.6 billion during the first quarter of 2017 compared to SAR 11.7 billion in Q1 2016.
The sector’s earnings for Q1 2016 included SAR 410 million in one-off gains on land sales by Bank Aljazira and Riyad Bank.
| Item | 3m-2016 | 3m -2017 | Change |
|---|---|---|---|
| Net Income | 9,947.62 | 10,090.34 | 1.43 % |
National Commercial Bank (NCB), Saudi Arabia's largest bank by assets, contributed the largest share to the sector’s earnings with a net profit of SAR 2.7 billion accounting for 23 percent of the total earnings in Q1 2017.
Al Rajhi Bank came second with 19 percent, or SAR 2.2 billion. Samba Financial Group followed, accounting for 11 percent of the sector’s earnings.
The Saudi Investment Bank (SAIB) posted the biggest profit rise of 64 percent YoY, followed by Bank Albilad (up 31 percent YoY).
Five out of 12 banks reported a drop in net profits during the period. Aljazira fell the most by 43 percent YoY.
It was followed by Alawwal Bank and Riyad Bank with declines of 37 percent and 11 percent YoY, respectively.
| Company | 3m-2016 | 3m -2017 | Change |
|---|---|---|---|
| Arab National Bank | 749.19 | 768.05 | 2.52 % |
| Saudi Investment Bank | 210.00 | 344.94 | 64.26 % |
| Saudi Awwal Bank | 1,141.68 | 1,035.98 | (9.26 %) |
| Bank Aljazira | 381.31 | 215.97 | (43.36 %) |
| Banque Saudi Fransi | 1,077.80 | 1,103.89 | 2.42 % |
| The Saudi National Bank | 2,630.81 | 2,702.56 | 2.73 % |
| Bank Albilad | 174.52 | 229.38 | 31.43 % |
| Alinma Bank | 391.32 | 421.32 | 7.67 % |
| Al Rajhi Bank | 2,017.27 | 2,220.90 | 10.09 % |
| Riyad Bank | 1,173.72 | 1,047.36 | (10.77 %) |
| Total | 9,947.62 | 10,090.34 | 1.43 % |
Aggregate assets grew by 1 percent YoY to SAR 2.22 trillion in Q1 2017, while combined loans declined by 2 percent YoY to SAR 1.39 trillion.
| Company | EPS (Riyal) | Close | Adjusted P/E (TTM) |
|---|---|---|---|
| Banque Saudi Fransi | 2.93 | 26.14 | 11.95 |
| Saudi Investment Bank | 0.95 | 7.59 | 13.49 |
| Arab National Bank | 1.44 | 9.86 | 14.12 |
| Saudi Awwal Bank | 2.53 | 21.90 | 20.82 |
| The Saudi National Bank | 2.34 | 19.20 | 22.66 |
| Bank Aljazira | 1.00 | 8.70 | 22.75 |
| Riyad Bank | 1.07 | 10.35 | 23.37 |
| Al Rajhi Bank | 2.08 | 25.71 | 37.89 |
| Bank Albilad | 0.69 | 8.92 | 47.82 |
| Alinma Bank | 0.61 | 8.69 | 51.07 |
| P/E (TTM) | 12.85 |
| P/BV | 1.79 |
| Dividend Yield | 3.83 % |
| Sector Capitalization (M) | 916,760.59 |
| Market Cap. (M) | 3,234,607.23 |
| Return on Average Assets (TTM) | 1.95 % |
| Return on Average Equity (TTM) | 15.34 % |
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