Consolidated earnings of Saudi banks rose 8% to SAR 24.9bn for the nine months ended September 30, 2014 compared to SAR 23.1bn for the same period last year; according to SAMA’s monthly newsletter released today.
 

The earnings included the results of the 11 Saudi listed banks excluding the National Commercial bank (NCB).
 

Consolidated earnings for Saudi Banks (SAR Billion)

Change

September2014

September 2013

Item

+8%

23.1

24.9

Consolidated Earnings

 (SAR billion)
 

 

Except for Al-Rajhi bank and Al-Jazeera Bank; all 11 bank’s profit grew this period as a result of the increase of net special commission income, operation income as well as the decrease of operating expenses.
 

Alinma Bank’s profit was the most growing in the nine months
period capturing a growth ratio of 29% followed by SFB by 25%.
 

Comparison of banks earnings of the first 9 months of 2014 to the same period in 2013 in SAR millions

Change

September2014

September2013

Bank

+13%

3292.0

2917.0

Riyad Bank

(25%)

373.0

500.0

Al-Jazeera Bank

+11%

1061.6

960.1

The Saudi Investment Bank

+18%

1359.0

1154.3

Saudi Hollandi Bank

+25%

2666.0

2132.0

Banque Saudi Fransi

+18%

3296.7

2798.3

Saab

+13%

2246.2

1985.9

Arab National Bank (ANB)

+8%

3779.0

3504.0

Samba

(10%)

5316.0

5891.0

Al Rajhi Bank

+19%

615.1

515.5

Bank Al-Bilad

+29%

932.0

725.0

Alinma Bank

+8%

24936.6

23083.1

Total
 

 

Q3-2014’s earnings of Saudi banks dropped 2% and 6% compared to the first two quarters of the year respectively.
 

Saudi Banks’ earnings for 2014 in SAR million

Q3

Q2

Q1

Banks

1076.0

1136.0

1079.0

Riyad Bank

47.0

166.7

159.0

Al-Jazeera Bank

371.2

352.9

337.5

The Saudi Investment Bank

461.8

480.3

417.0

Saudi Hollandi Bank

926.0

884.2

856.0

Banque Saudi Fransi

1059.0

1157.2

1080.5

Saab

747.9

785.4

712.9

Arab National Bank (ANB)

1281.0

1257.0

1241.0

Samba

1662.0

1949.0

1706.0

Al Rajhi Bank

237.1

204.3

173.7

Bank Al-Bilad

331.0

308.0

293.0

Alinma Bank

8200.0

8681.0

 8055.6

Total
 

 

The following table indicates quarterly consolidated earnings of Saudi banks since 2011:
 

Banks’ Consolidated Earnings since 2011 in SAR million

Growth(y/y)

Consolidated earnings (SAR billion)

Period

2011

+8%

6.25

Q1

+15%

6.82

Q2

+29%

6.49

Q3

+15%

6.04

Q4

2012

+23%

7.66

 

Q1

+11%

7.57

Q2

+4%

6.76

Q3

+10%

6.66

Q4

2013

(0.3%)

7.64

Q1

+7%

8.03

Q2

+10%

7.41

Q3

+0.5%

6.69

Q4

2014

+6%

8.06

Q1

+8%

8.68

Q2

+11%

8.20

Q3
 

 

 

Consolidated balance sheet of Saudi banks showed 12% increase in assets reaching SAR 1615.2bn by the end of September 2014.
 

Deposits rose 12% to SAR 1252.2bn and loans’ portfolio grew 12% compared to the same period last year as shown in the following table:
 

Balance Sheet Items Since 2011

Loans

(SAR Billion)

Deposits
(SAR Billion)

Assets
(SAR Billion)

Period
 

2011

658.5

844.6

1138.0

Q1-2011

677.3

857.9

1150.2

Q2-2011

704.1

864.0

1162.8

Q3-2011

719.1

907.1

1204.4

Q4-2011

2012

758.5

944.3

1256.9

Q1-2012

790.6

961.1

1274.0

Q2-2012

818.6

990.9

1310.6

Q3-2012

844.7

1051.1

1370.4

Q4-2012

2013

877.3

1079.9

1397.4

Q1-2013

911.4

1099.5

1424.1

Q2-2013

927.2

1117.4

1447.0

Q3-2013

941.4

1158.7

1495.6

Q4-2013

2014

973.5

1202.5

1551.3

Q1-2014

1015.7

1224.1

1581.0

Q2-2014

1034.2

1252.2

1615.2

Q3-2014
 

 

Price to Earnings ratio or (P/E) ratio during the first nine months of 2014 ranged from 10.7 to 29 times making an average of 14.1 times adjusted for the whole year.
 

Saudi banks’ earnings in the first 9 months of 2014

P/E Ratio

Times

Closing Price

SAR(October,21,2014)

EPS

 (SAR/share)*

Bank

13.7

20.16

1.47

RIBL

24.3

30.08

1.24

BJAZ

12.7

29.90

2.36

Saudi Investment

13.0

49.37

3.80

Saudi Hollandi

12.6

37.08

2.95

BSFR

13.5

59.50

4.40

SABB

10.7

32.02

3.00

Arab National

10.8

45.39

4.20

SAMBA

15.0

65.53

4.36

Al-Rajhi

25.6

52.18

2.04

Al-Bilad

29.0

24.04

0.83

Alinma

14.1 times

    

Sector’s average P/E ratio
 

* Adjusted for the whole year

 

 

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