Arab National Bank announces its Interim Financial Results for the Period Ending on 2020-03-31 ( Three Months )
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| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|
| Total Revenue from Special Commissions/Financing & Investments | 1,758.7 | 1,936.9 | -9.2 | 1,825.6 | -3.664 |
| Net Income from Special Commissions/Financing & Investments | 1,290.8 | 1,364.8 | -5.422 | 1,340.2 | -3.686 |
| Total Operation Profit (Loss) | 1,489.6 | 1,633.2 | -8.792 | 1,629 | -8.557 |
| Net Profit (Loss) before Zakat and Income Tax | 770.5 | 919.6 | -16.213 | 654.7 | 17.687 |
| Net Profit (Loss) | 643.8 | 779 | -17.355 | 515.3 | 24.936 |
| Total Comprehensive Income | 69.3 | 912.7 | -92.407 | 694.2 | -90.017 |
| All figures are in (Millions) Saudi Arabia, Riyals |
| Element List | Current Period | Similar period for previous year | %Change |
|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 27,683 | 26,506 | 4.44 |
| Assets | 184,871 | 168,681 | 9.597 |
| Investments | 43,397 | 30,955 | 40.193 |
| Loans and Advances Portfolio (Financing & Investment) | 119,938 | 120,193 | -0.212 |
| Customer Deposits | 135,984 | 130,312 | 4.352 |
| Profit (Loss) per Share | 0.43 | 0.52 |
| All figures are in (Millions) Saudi Arabia, Riyals |
| Element List | Explanation |
|---|
| Increase (Decrease) in Net Profit for Current Quarter Compared to Same Quarter Last Year is Attributed to | Net profit for the quarter decreased due to the decrease in total operating income by 8.8% resulting mainly from decrease in unrealized gains on FVTPL financial instruments, net special commission income and dividend income offset by increase in net fee and commission income, exchange income, trading income, gain on investments not held at FVTPL and other operating income. Total operating expenses increased by 2.5% resulting mainly from the increase in impairment charge for credit losses and other general and admin expenses offset by decrease in rent and premises related expenses, salaries and employees related expenses, depreciation expenses and impairment charges for other financial assets. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | The net profit for the quarter increased due to the decrease in total operating expenses by 25.1% resulting mainly from the decrease in impairment charges for credit losses, Impairment charge of other financial assets, salaries and employees related expenses, depreciation expenses, rent and premises related and other general and admin expenses. Total operating income also decreased by 8.6% resulting mainly from decrease in net special commission income, net fee and commission income, unrealized gains on FVTPL financial instruments and dividend income offset by increase in exchange income, trading income, gain on investments not held at FVTPL and other operating income. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | NL |
| Reclassification of Comparison Items | Starting from the quarter ended 30 June 2019, Zakat and income tax are to be accrued on a quarterly basis and recognized in consolidated statement of income with a corresponding liability recognized in the consolidated statement of financial position in accordance with International Financial Reporting Standard (IFRS) and other standards and pronouncements endorsed by SOCPA. Additionally, Certain previous period figures has been reclassified in order to conform with current period classifications. |
| Additional Information | Net impairment charge for expected credit losses reached to SAR 198Mn for the current period against SAR 148Mn in the similar period of the previous year with an increase of 34%. Starting from the quarter ended 30 June 2019, Zakat and income tax are to be accrued at the end of each financial reporting period and recognized in the consolidated statement of income with a corresponding liability recognized in the consolidated statement of financial position in accordance with International Financial Reporting Standards (IFRS) and other standards and pronouncements endorsed by SOCPA. |
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
