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 |
Assets |
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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