ANB profit dips 51% to SAR 2.05 bln in H1 2023; Q2 at SAR 986 mln
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Arab National Bank (ANB) reported a 51% fall in net profit to SAR 2.05 billion for the first half of 2023 from SAR 1.35 billion in the year-ago period.
Financials (M)
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Net Special Commission Income | 2,494.31 | 3,527.47 | 41.4 % |
| Operating Income | 3,128.15 | 4,112.39 | 31.5 % |
| Total Provisions | (440.82) | (515.49) | (16.9 %) |
| Net Income | 1,358.42 | 2,053.56 | 51.2 % |
| Average Shares | 2,000.00 | 2,000.00 | - |
| Earnings Per Share before unusual items | 0.66 | 0.97 | 47.3 % |
| EPS (Riyals) | 0.68 | 1.03 | 51.2 % |
| EPS Diluted (Riyals) | 0.68 | 1.03 | 51.2 % |
The profit growth was backed by better net special commission income, net gains from investments held for non-trading purposes, net fees and commission income, net other operating income and net FX income.
On the other hand, ANB reported an increase in the net provisions for expected credit losses and other provisions, as well as salaries and employee-related expenses. General and administrative expenses (G&A) also went up.
The net provisions (reversals) for expected credit and other losses rose 30% to nearly SAR 566 million as of June 30, 2023, compared to SAR 437 million a year earlier.
The second-quarter net profit jumped 39% to SAR 986 million from SAR 707.69 million in Q2 2022.
The quarterly net profit decreased 7.7% from SAR 1.06 billion in Q1 2023.
Current Quarter Comparison (M)
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,309.80 | 1,763.50 | 34.6 % |
| Operating Income | 1,673.62 | 2,087.78 | 24.7 % |
| Debt Provisions | (288.81) | (271.66) | 5.9 % |
| Net Income | 707.69 | 985.98 | 39.3 % |
| Average Shares | 2,000.00 | 2,000.00 | - |
| Earnings Per Share before unusual items | 0.35 | 0.49 | 39.3 % |
| EPS (Riyals) | 0.35 | 0.49 | 39.3 % |
| EPS Diluted (Riyal) | 0.35 | 0.49 | 39.3 % |
Total shareholders’ equity, after minority interest, increased to SAR 33.37 billion as of June 30, 2023, from SAR 31.02 billion a year earlier.
Balance Sheet (B)
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Assets | 209.83 | 215.98 | 2.9 % |
| Customer Deposits | 146.79 | 158.38 | 7.9 % |
| Loan | 143.06 | 148.85 | 4.0 % |
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