|
Element List |
Current Quarter |
Similar quarter for previous year |
%Change |
Previous Quarter |
% Change |
||
|
Total Revenue for Special Commissions/Investments |
974.6 |
877 |
11.128 |
995 |
-2.05 |
||
|
Net Income for Special Commissions/Investments |
560 |
573.4 |
-2.336 |
581.1 |
-3.631 |
||
|
Total operation Profit (Loss) |
663.1 |
671.1 |
-1.192 |
702.2 |
8.064 |
||
|
Net Profit (Loss) |
-284.7 |
336.8 |
- |
281.4 |
- |
||
|
Total Comprehensive Income |
-305.3 |
344.2 |
- |
495.8 |
- |
||
|
Element List |
Current Period |
Similar period for previous year |
%Change |
|
Total Revenue from Special Commissions/Financing & Investments |
1,969.6 |
1,716.8 |
14.725 |
|
Net Income from Special Commissions/Financing & Investments |
1,141.1 |
1,137.6 |
0.307 |
|
Total Operation Profit (Loss) |
1,365.3 |
1,357.4 |
0.581 |
|
Net Profit (Loss) |
-3.3 |
682.8 |
- |
|
Total Comprehensive Income |
190.4 |
526.7 |
-63.85 |
|
Total Share Holders Equity (after Deducting Minority Equity) |
11,500 |
12,727 |
-9.64 |
|
Assets |
97,965 |
101,953 |
-3.911 |
|
Investments |
26,574 |
23,007 |
15.503 |
|
Loans and Advances Portfolio (Financing & Investment) |
56,927 |
59,331 |
-4.051 |
|
Customer deposits |
66,844 |
71,301 |
-6.25 |
|
Profit (Loss) per Share |
-0.09 |
0.86 |
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 income decreased due to an increase in total operating expenses by 207.9% resulting from an increase in provisions for credit and other losses, depreciation and amortization and other general and administrative expenses. This was offset by a decrease in salaries and employee-related expenses, and rent and premises-related expenses. On the other hand, total operating income decreased 1.2% primarily due to a decrease in net special commission income, fee income from banking services, and dividend income. This was offset primarily by an increase in exchange income, and unrealized fair value through profit and loss. |
|
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to |
Net income decreased due to an increase in total operating expenses by 179.2% resulting from an increase in provisions for credit and other losses, rent and premises-related expenses and depreciation and amortization. This was offset primarily by a decrease in salaries and employee-related expenses, and other general and administrative expenses. On the other hand, total operating income decreased 5.6% primarily due to a decrease in net special commission income, fee income from banking services, and unrealized fair value through profit and loss. This was offset by an increase in exchange income. |
|
Increase (Decrease) in Net Profit for Current Period Compared to the Same Period Last Year is Attributed to |
Net income decreased due to an increase in total operating expenses by 104.0% resulting from an increase in provisions for credit and other losses, salaries and employee-related expenses, depreciation and amortization and other general and administrative expenses. This was offset by a decrease in rent and premises-related expenses. On the other hand, total operating income increased 0.6% primarily due to an increase in net special commission income, exchange income, and unrealized fair value through profit and loss. This was offset primarily by a decrease in fee income from banking services, dividend income, and realized fair value through profit and loss. |
|
Basis of the External Auditor's Opinion |
Unmodified opinion |
|
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion |
None |
|
Reclassification of Comparison Items |
Certain prior period figures have been reclassified to conform to the current period presentation. Starting from the quarter ended June 30, 2019, Zakat and Income Tax are to be accrued on a quarterly basis 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) as endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by SOCPA. |
|
Additional Information |
The income before Zakat and Income Tax for the three month and six month periods ended June 30, 2019 was SAR 346 million loss (June 30, 2018: SAR 362 million income) and SAR 5 million income (June 30, 2018: SAR 723 million income) respectively. The net income after Zakat and Income Tax for the three month and six month periods ended June 30, 2019 was SAR 285 million loss (June 30, 2018: SAR 337 million income) and SAR 3 million loss (June 30, 2018: SAR 683 million income) respectively. The income before Zakat and Income Tax for the three month period ended March 31, 2019 was SAR 351 million. The net income after Zakat and Income Tax for the three month ended March 31, 2019 was SAR 281 million. Provisions for credit and other losses for the three month and six month periods ended June 30, 2019 was SAR 751 million and SAR 828 million respectively. These amounts included for the three month and six month periods ended June 30, 2019 SAR 753 million and SAR 774 million related to loans and advances respectively. Provisions for credit and other losses for the three month and six month periods ended June 30, 2018 was SAR 64 million and SAR 153 million respectively. These amounts included for the three month and six month periods ended June 30, 2018 SAR 62 million and SAR 89 million related to loans and advances respectively. The increase in provisions for credit losses on loans and advances decided by the Bank in the second quarter of this year was the result of the status of certain loans and the revaluation of collateral provided, and has been taken as a precautionary measure to improve the financial position of the Bank in the long term and does not mean in any way that the collection of these loans will be discontinued. It is worth noting that the Bank's operating profits as well as its liquidity and capital adequacy ratios are at a high level and are above that required by regulations, and reflects the strength of the Bank's financial position and its ability to absorb credit changes in the loans and advances portfolio. Earnings (loss) per share for the three month and six month periods ended June 30, 2019 was SAR (0.48) and SAR (0.09) respectively, which was calculated by dividing net income adjusted for Tier 1 Sukuk costs by 686.9 million and 690.3 million shares respectively representing the weighted average of the issued and outstanding shares after giving effect to the purchase of 56.2 million and 18.7 million treasury shares on September 27, 2018 and May 28, 2019 respectively. Earnings per share for the three month and six month periods ended June 30, 2018 was SAR 0.40 and SAR 0.86 respectively, which was calculated by dividing net income adjusted for Tier 1 Sukuk costs by 750.0 million shares respectively. |
