Saudi National Bank posts 32% rise in Q1 2022 net profit to SAR 4.5 bln

Saudi National Bank posts 32% rise in Q1 2022 net profit to SAR 4.5 bln

27/04/2022 Argaam Exclusive

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Saudi National Bank (SNB) reported a net profit of SAR 4.5 billion for Q1 2022, a jump of 32% from SAR 3.4 billion in the year-ago period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Net Special Commission Income 4,178.08 6,108.44 46.2 %
Operating Income 5,719.31 8,092.89 41.5 %
Debt Provisions (286.37) (386.25) (34.9 %)
Net Income 3,408.47 4,501.58 32.1 %
Average Shares 5,504.91 6,000.00 9.0 %
EPS (Riyals) 0.62 0.75 21.2 %
EPS Diluted (Riyal) 0.73 0.73 0.0 %

The profit growth was spurred by a 41% rise year-on-year (YoY) in total operating income, mainly due to higher net special commission income, fees from banking services, foreign exchange income, and lower other operating expenses.

 

On the other hand, total operating expenses, including net impairment charge for expected credit losses, were higher by 52% YoY, mainly due to higher salaries and employee-related expenses, rent and premises-related expenses, depreciation/amortization of property, equipment, software, right of use assets, as well as amortization of intangible assets.

 

Compered to Q4 2021, net profit climbed 34.1% from SAR 3.35 billion, backed by an 11% increase YoY in total operating income, along with a 13% drop YoY in total operating expenses.

 

The previous quarter’s net profit implied SAR 90 million costs on the bank’s merger with Samba Financial Group.

Balance Sheet (B)

Item 3m 2021 3m 2022 Change‬
Assets 599.57 921.56 53.7 %
Customer Deposits 419.43 606.72 44.7 %
Loan 356.72 514.63 44.3 %

Shareholders’ equity, after minority interest, soared to SAR 152.38 billion by the end of Q1 2022, from SAR 71.27 billion a year earlier.

 

View More Financial Results

 


Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Debt Provisions Change Net Income Change EPS(Riyal)
Q1 2013 2,533.05 10.0 % 4,065.77 9.8 % (259.83) 34.3 % 2,331.96 19.4 % 0.58
Q2 2013 2,546.09 17.0 % 3,699.88 9.4 % (156.08) 55.5 % 1,992.11 23.9 % 0.50
Q3 2013 2,373.59 1.8 % 3,423.34 4.6 % (199.61) 53.0 % 1,733.21 17.1 % 0.43
Q4 2013 2,643.48 23.1 % 3,668.53 16.4 % (179.83) 32.0 % 1,794.93 27.3 % 0.45
Q1 2014 2,708.28 6.9 % 3,864.29 (5.0 %) (205.65) 20.9 % 2,535.31 8.7 % 0.63
Q2 2014 2,842.93 11.7 % 4,214.98 13.9 % 91.77 158.8 % 2,425.41 21.8 % 0.60
Q3 2014 2,790.58 17.6 % 4,114.35 20.2 % (400.86) (100.8 %) 1,869.11 7.8 % 0.46
Q4 2014 3,062.34 15.8 % 4,053.41 10.5 % (480.72) (167.3 %) 1,825.33 1.7 % 0.45
Q1 2015 3,033.56 12.0 % 4,447.54 15.1 % (218.33) (6.2 %) 2,605.57 2.8 % 0.65
Q2 2015 3,122.72 9.8 % 4,282.93 1.6 % (278.85) (403.9 %) 2,362.92 (2.6 %) 0.59
Q3 2015 3,255.60 16.7 % 4,312.86 4.8 % (713.13) (77.9 %) 1,994.14 6.7 % 0.50
Q4 2015 3,169.96 3.5 % 4,442.37 9.6 % (390.05) 18.9 % 2,126.56 16.5 % 0.53
Q1 2016 3,435.82 13.3 % 4,723.97 6.2 % (346.63) (58.8 %) 2,630.81 1.0 % 0.65
Q2 2016 3,348.18 7.2 % 4,660.25 8.8 % (381.30) (36.7 %) 2,437.54 3.2 % 0.61
Q3 2016 3,441.72 5.7 % 4,662.80 8.1 % (839.11) (17.7 %) 1,961.78 (1.6 %) 0.49
Q4 2016 3,323.86 4.9 % 4,600.36 3.6 % (363.93) 6.7 % 2,286.72 7.5 % 0.57
Q1 2017 3,359.46 (2.2 %) 4,859.82 2.9 % (421.98) (21.7 %) 2,702.56 2.7 % 0.67
Q2 2017 3,472.91 3.7 % 4,478.34 (3.9 %) (477.71) (25.3 %) 2,417.42 (0.8 %) 0.60
Q3 2017 3,453.44 0.3 % 4,491.53 (3.7 %) (707.21) 15.7 % 2,125.61 8.4 % 0.53
Q4 2017 3,375.17 1.5 % 4,515.54 (1.8 %) (285.96) 21.4 % 2,556.39 11.8 % 0.64
Q1 2018 3,418.57 1.8 % 4,779.24 (1.7 %) 2.34 100.6 % 2,592.19 (4.1 %) 0.64
Q2 2018 3,573.43 2.9 % 4,660.55 4.1 % (335.31) 29.8 % 2,166.35 (10.4 %) 0.54
Q3 2018 3,637.42 5.3 % 4,731.60 5.3 % (610.35) 13.7 % 2,120.36 (0.2 %) 0.53
Q4 2018 4,493.72 33.1 % 4,755.83 5.3 % (403.75) (41.2 %) 2,705.58 5.8 % 0.67
Q1 2019 3,754.08 9.8 % 4,950.81 3.6 % (145.33) (6323.9 %) 2,775.54 7.1 % 0.69
Q2 2019 3,907.43 9.3 % 5,050.41 8.4 % (324.74) 3.2 % 2,685.59 24.0 % 0.67
Q3 2019 3,872.62 6.5 % 4,996.53 5.6 % (662.64) (8.6 %) 2,550.70 20.3 % 0.63
Q4 2019 4,848.32 7.9 % 5,576.93 17.3 % (287.23) 28.9 % 3,389.61 25.3 % 0.84
Q1 2020 4,157.22 10.7 % 5,305.26 7.2 % (396.09) (172.6 %) 2,834.20 2.1 % 0.71
Q2 2020 3,957.52 1.3 % 4,765.75 (5.6 %) (827.95) (155.0 %) 2,087.73 (22.3 %) 0.52
Q3 2020 4,197.76 8.4 % 5,637.61 12.8 % (378.85) 42.8 % 3,158.40 23.8 % 0.79
Q4 2020 4,372.15 (9.8 %) 5,749.32 3.1 % (348.00) (21.2 %) 3,359.77 (0.9 %) 0.84
Q1 2021 4,178.08 0.5 % 5,719.31 7.8 % (286.37) 27.7 % 3,408.47 20.3 % 0.62
Q2 2021 5,888.35 48.8 % 7,587.82 59.2 % (2,414.67) (191.6 %) 2,315.88 10.9 % 0.42
Q3 2021 6,205.90 47.8 % 7,874.43 39.7 % (732.08) (93.2 %) 3,980.27 26.0 % 0.72
Q4 2021 5,935.26 35.8 % 7,054.16 22.7 % (527.75) (51.7 %) 2,963.56 (11.8 %) 0.54
Q1 2022 6,108.44 46.2 % 8,092.89 41.5 % (386.25) (34.9 %) 4,501.58 32.1 % 0.75

Profitability

Period Return On Average Assets Return on Average Equity Net Interest Income/Total Operating Income
Q1 2013 2.03 % 18.53 % 66.25 %
Q2 2013 2.11 % 19.21 % 67.36 %
Q3 2013 2.17 % 19.39 % 66.94 %
Q4 2013 2.17 % 19.97 % 67.95 %
Q1 2014 2.07 % 19.96 % 70.08 %
Q2 2014 2.13 % 20.09 % 69.66 %
Q3 2014 2.14 % 20.33 % 69.25 %
Q4 2014 2.13 % 20.09 % 70.19 %
Q1 2015 2.01 % 19.45 % 69.69 %
Q2 2015 1.93 % 18.71 % 71.07 %
Q3 2015 1.92 % 19.01 % 72.96 %
Q4 2015 2.06 % 19.41 % 71.96 %
Q1 2016 2.02 % 18.46 % 73.10 %
Q2 2016 2.01 % 18.39 % 72.82 %
Q3 2016 2.00 % 18.35 % 72.45 %
Q4 2016 2.09 % 18.36 % 72.66 %
Q1 2017 2.08 % 17.67 % 71.73 %
Q2 2017 2.07 % 17.88 % 73.10 %
Q3 2017 2.15 % 17.92 % 73.84 %
Q4 2017 2.21 % 17.97 % 74.47 %
Q1 2018 2.18 % 17.36 % 75.12 %
Q2 2018 2.08 % 17.18 % 74.92 %
Q3 2018 2.08 % 17.16 % 74.94 %
Q4 2018 2.14 % 16.85 % 79.90 %
Q1 2019 2.16 % 16.78 % 80.94 %
Q2 2019 2.21 % 17.70 % 81.04 %
Q3 2019 2.24 % 18.75 % 81.14 %
Q4 2019 2.38 % 19.13 % 79.62 %
Q1 2020 2.29 % 19.68 % 80.20 %
Q2 2020 2.10 % 17.85 % 81.55 %
Q3 2020 2.14 % 18.49 % 80.62 %
Q4 2020 2.07 % 17.51 % 77.76 %
Q1 2021 2.12 % 18.77 % 76.38 %
Q2 2021 1.68 % 11.66 % 75.47 %
Q3 2021 1.76 % 12.26 % 76.66 %
Q4 2021 1.67 % 11.56 % 78.65 %
Q1 2022 1.81 % 12.31 % 78.86 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
Q1 2013 358.02 14.1 % 276.68 11.6 % 170.63 19.9 %
Q2 2013 362.80 13.2 % 288.05 15.1 % 178.21 18.6 %
Q3 2013 367.09 14.4 % 294.78 17.3 % 184.40 17.3 %
Q4 2013 377.29 9.3 % 300.60 9.9 % 187.69 14.8 %
Q1 2014 420.37 17.4 % 333.07 20.4 % 197.39 15.7 %
Q2 2014 435.53 20.0 % 345.60 20.0 % 206.19 15.7 %
Q3 2014 437.91 19.3 % 343.94 16.7 % 213.53 15.8 %
Q4 2014 434.88 15.3 % 333.10 10.8 % 220.72 17.6 %
Q1 2015 449.80 7.0 % 342.85 2.9 % 227.13 15.1 %
Q2 2015 461.41 5.9 % 360.98 4.5 % 234.28 13.6 %
Q3 2015 476.83 8.9 % 367.37 6.8 % 238.60 11.7 %
Q4 2015 448.64 3.2 % 323.87 (2.8 %) 252.94 14.6 %
Q1 2016 452.00 0.5 % 326.03 (4.9 %) 265.34 16.8 %
Q2 2016 452.61 (1.9 %) 314.71 (12.8 %) 264.77 13.0 %
Q3 2016 438.76 (8.0 %) 311.23 (15.3 %) 259.92 8.9 %
Q4 2016 442.66 (1.3 %) 315.62 (2.5 %) 253.59 0.3 %
Q1 2017 449.00 (0.7 %) 313.65 (3.8 %) 254.20 (4.2 %)
Q2 2017 450.49 (0.5 %) 314.69 0.0 % 256.90 (3.0 %)
Q3 2017 446.19 1.7 % 302.59 (2.8 %) 256.85 (1.2 %)
Q4 2017 444.79 0.5 % 308.94 (2.1 %) 249.23 (1.7 %)
Q1 2018 438.90 (2.2 %) 309.00 (1.5 %) 252.78 (0.6 %)
Q2 2018 455.73 1.2 % 317.65 0.9 % 266.04 3.6 %
Q3 2018 460.83 3.3 % 325.46 7.6 % 268.25 4.4 %
Q4 2018 452.18 1.7 % 318.70 3.2 % 265.06 6.4 %
Q1 2019 464.91 5.9 % 309.68 0.2 % 267.22 5.7 %
Q2 2019 476.59 4.6 % 327.44 3.1 % 274.83 3.3 %
Q3 2019 496.59 7.8 % 340.38 4.6 % 279.07 4.0 %
Q4 2019 506.82 12.1 % 353.39 10.9 % 281.84 6.3 %
Q1 2020 534.56 15.0 % 375.05 21.1 % 304.77 14.1 %
Q2 2020 556.86 16.8 % 380.40 16.2 % 315.84 14.9 %
Q3 2020 576.63 16.1 % 408.47 20.0 % 336.41 20.5 %
Q4 2020 599.44 18.3 % 416.42 17.8 % 346.71 23.0 %
Q1 2021 599.57 12.2 % 419.43 11.8 % 356.72 17.0 %
Q2 2021 897.36 61.1 % 588.13 54.6 % 501.80 58.9 %
Q3 2021 903.85 56.7 % 589.19 44.2 % 502.48 49.4 %
Q4 2021 914.15 52.5 % 588.57 41.3 % 497.57 43.5 %
Q1 2022 921.56 53.7 % 606.72 44.7 % 514.63 44.3 %

Ratios

Period Customer Deposits Per Total Assets Loans and advances/Total assets Loans and advances/Customers Deposits
Q1 2013 77.28 % 47.66 % 61.67 %
Q2 2013 79.40 % 49.12 % 61.87 %
Q3 2013 80.30 % 50.23 % 62.56 %
Q4 2013 79.67 % 49.75 % 62.44 %
Q1 2014 79.23 % 46.96 % 59.26 %
Q2 2014 79.35 % 47.34 % 59.66 %
Q3 2014 78.54 % 48.76 % 62.08 %
Q4 2014 76.60 % 50.75 % 66.26 %
Q1 2015 76.22 % 50.49 % 66.25 %
Q2 2015 78.23 % 50.78 % 64.90 %
Q3 2015 77.04 % 50.04 % 64.95 %
Q4 2015 72.19 % 56.38 % 78.10 %
Q1 2016 72.13 % 58.70 % 81.39 %
Q2 2016 69.53 % 58.50 % 84.13 %
Q3 2016 70.93 % 59.24 % 83.51 %
Q4 2016 71.30 % 57.29 % 80.35 %
Q1 2017 69.86 % 56.62 % 81.05 %
Q2 2017 69.86 % 57.03 % 81.64 %
Q3 2017 67.82 % 57.57 % 84.88 %
Q4 2017 69.46 % 56.03 % 80.67 %
Q1 2018 70.40 % 57.59 % 81.80 %
Q2 2018 69.70 % 58.38 % 83.75 %
Q3 2018 70.63 % 58.21 % 82.42 %
Q4 2018 70.48 % 58.62 % 83.17 %
Q1 2019 66.61 % 57.48 % 86.29 %
Q2 2019 68.70 % 57.67 % 83.93 %
Q3 2019 68.54 % 56.20 % 81.99 %
Q4 2019 69.73 % 55.61 % 79.75 %
Q1 2020 70.16 % 57.01 % 81.26 %
Q2 2020 68.31 % 56.72 % 83.03 %
Q3 2020 70.84 % 58.34 % 82.36 %
Q4 2020 69.47 % 57.84 % 83.26 %
Q1 2021 69.96 % 59.50 % 85.05 %
Q2 2021 65.54 % 55.92 % 85.32 %
Q3 2021 65.19 % 55.59 % 85.28 %
Q4 2021 64.39 % 54.43 % 84.54 %
Q1 2022 65.84 % 55.84 % 84.82 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2013 4,019.65 1.70 1.70 - 9.58
Q2 2013 4,019.65 1.79 1.79 - 9.93
Q3 2013 4,019.65 1.86 1.86 - 10.01
Q4 2013 4,019.65 1.95 1.95 - 10.18
Q1 2014 4,019.65 2.00 2.00 - 10.51
Q2 2014 4,019.65 2.11 2.11 - 11.10
Q3 2014 4,019.65 2.15 2.15 - 11.10
Q4 2014 4,019.65 2.15 2.15 - 11.25
Q1 2015 4,019.65 2.17 2.17 - 11.81
Q2 2015 4,019.65 2.16 2.16 - 11.95
Q3 2015 4,019.65 2.19 2.19 - 11.91
Q4 2015 4,019.65 2.26 2.26 - 12.06
Q1 2016 4,019.65 2.27 2.27 - 12.75
Q2 2016 4,019.65 2.29 2.29 - 12.91
Q3 2016 4,019.65 2.28 2.28 - 12.92
Q4 2016 4,019.65 2.32 2.32 - 13.19
Q1 2017 4,019.65 2.34 2.34 - 13.68
Q2 2017 4,019.65 2.33 2.33 - 13.15
Q3 2017 4,019.65 2.37 2.37 - 13.54
Q4 2017 4,019.65 2.44 2.44 - 13.94
Q1 2018 4,019.65 2.41 2.41 - 14.10
Q2 2018 4,019.65 2.35 2.35 - 14.18
Q3 2018 4,019.65 2.35 2.35 - 13.81
Q4 2018 4,019.65 2.38 2.38 - 14.36
Q1 2019 4,019.65 2.43 2.43 - 14.87
Q2 2019 4,019.65 2.56 2.56 - 14.74
Q3 2019 4,019.65 2.67 2.67 - 14.63
Q4 2019 4,019.65 2.84 2.84 - 15.29
Q1 2020 4,019.65 2.85 2.85 - 14.11
Q2 2020 4,019.65 2.70 2.70 - 15.53
Q3 2020 4,019.65 2.85 2.85 - 16.24
Q4 2020 4,019.65 2.85 2.85 3.03 17.22
Q1 2021 5,504.91 2.18 2.18 3.03 17.73
Q2 2021 5,504.91 2.22 2.23 3.03 24.58
Q3 2021 5,504.91 2.37 2.39 3.03 24.65
Q4 2021 5,504.91 2.30 2.33 3.03 25.00
Q1 2022 6,000.00 2.29 2.32 3.03 25.40

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 18.97 18.97 3.63
Q1 2015 20.89 20.89 3.84
Q2 2015 21.52 21.52 3.88
Q3 2015 18.33 18.33 3.37
Q4 2015 16.78 16.78 3.15
Q1 2016 13.33 13.33 2.37
Q2 2016 12.99 12.99 2.30
Q3 2016 10.75 10.75 1.90
Q4 2016 13.65 13.65 2.40
Q1 2017 12.54 12.54 2.14
Q2 2017 16.92 16.92 3.00
Q3 2017 16.10 16.10 2.82
Q4 2017 16.77 16.77 2.93
Q1 2018 20.07 20.07 3.43
Q2 2018 23.05 23.05 3.82
Q3 2018 21.38 21.38 3.63
Q4 2018 22.36 22.36 3.71
Q1 2019 25.21 25.21 4.12
Q2 2019 24.20 24.20 4.20
Q3 2019 19.24 19.24 3.51
Q4 2019 19.34 19.34 3.59
Q1 2020 13.56 13.56 2.74
Q2 2020 15.36 15.36 2.67
Q3 2020 14.50 14.50 2.55
Q4 2020 10.69 10.69 2.80
Q1 2021 13.09 13.09 3.34
Q2 2021 14.20 14.15 1.75
Q3 2021 15.14 15.05 1.86
Q4 2021 15.88 15.67 1.92
Q1 2022 17.48 17.27 2.08

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Capital Market International Banking
Q1 2013 1,418.17 775.64 1,145.26 160.86 565.85
Q2 2013 1,276.19 933.13 771.59 167.65 551.32
Q3 2013 1,220.48 805.71 736.59 143.22 517.35
Q4 2013 1,387.79 920.72 723.88 132.59 503.54
Q1 2014 1,394.07 901.15 892.75 174.43 501.88
Q2 2014 1,444.40 926.59 1,097.32 219.17 527.50
Q3 2014 1,455.20 868.24 1,023.74 171.82 595.35
Q4 2014 1,427.35 1,032.33 776.42 188.93 628.39
Q1 2015 1,448.95 1,041.10 1,224.33 166.74 566.42
Q2 2015 1,522.94 1,034.67 1,013.61 183.19 528.51
Q3 2015 1,533.85 1,062.65 1,011.26 160.03 545.05
Q4 2015 1,854.84 1,002.57 857.08 181.42 546.46
Q1 2016 1,970.14 1,040.62 1,017.29 159.51 536.42
Q2 2016 1,985.35 1,054.82 882.82 147.36 589.90
Q3 2016 1,967.03 1,104.46 874.28 114.20 602.84
Q4 2016 1,782.46 1,186.84 970.39 159.65 501.03
Q1 2017 1,938.41 1,235.61 1,133.92 163.66 388.22
Q2 2017 1,924.73 1,042.93 973.23 144.16 393.30
Q3 2017 2,106.64 842.25 982.69 154.12 405.84
Q4 2017 2,171.24 973.67 806.38 173.87 390.38
Q1 2018 2,116.90 873.73 1,189.77 227.59 371.26
Q2 2018 1,976.75 1,075.78 989.64 176.26 442.12
Q3 2018 2,318.57 1,000.84 858.77 154.71 398.71
Q4 2018 2,260.08 1,111.00 908.44 161.60 314.71
Q1 2019 2,240.76 1,157.45 1,074.45 181.00 297.15
Q2 2019 2,385.91 965.58 1,128.53 216.64 353.75
Q3 2019 2,568.71 1,061.34 822.01 163.79 380.69
Q4 2019 2,512.36 1,526.65 883.24 225.36 429.32
Q1 2020 2,319.66 1,112.59 1,148.97 249.10 474.94
Q2 2020 2,363.44 2,914.55 (1148.97) 219.62 417.10
Q3 2020 2,676.13 2,267.98 - 285.99 407.50
Q4 2020 2,829.45 2,238.61 - 378.32 302.94
Q1 2021 2,662.57 2,430.09 - 350.17 276.48
Q2 2021 3,209.70 2,670.09 - 1,441.78 266.25
Q3 2021 3,326.70 4,696.32 - (625.34) 476.74
Q4 2021 3,267.32 2,705.87 - 410.61 670.36
Q1 2022 3,664.72 3,265.04 - 496.80 666.34

Analysts Estimates (Million)

Item Q1 2022 (e) Q1 2022 (a) Change‬
Average 3,754.23 4,501.58 19.91 %

Estimates vs Actual (Million)

Item Q1 2022 (e) Q1 2022 (a) Change
OSOOL AND BAKHEET 3,971.39 4,501.58 13.4 %
Riyad Capital 3,878.00 4,501.58 16.1 %
Hermes 3,830.00 4,501.58 17.5 %
U-Capital 3,811.00 4,501.58 18.1 %
JP Morgan 3,675.00 4,501.58 22.5 %
Sico 3,360.00 4,501.58 34.0 %


Financial Ratios
Current
Market Cap (M Riyal) 211,800.00
Shares Outstanding ((M)) 6,000.00
EPS ( Riyal) (TTM) 3.34
EPS Diluted ( Riyal) (TTM) 3.24
Book Value (BV) ( Riyal) 27.47
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 10.58
P/E (TTM) 10.58
Price/book 1.29
Return on Average Assets (%) (TTM) 2.0
Return on Average Equity (%) (TTM) 12.6
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Share Price

The Saudi National Bank
35.30
(0.30) (0.84 %)

The Saudi National Bank (SNB)

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