Arab National Bank’s net profit rose 7% in H1

24/07/2018 Argaam Exclusive

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Share Price

Arab National Bank
19.70
(0.42) (2.09 %)

Arab National Bank (ANB)

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Arab National Bank reported a net profit of SAR 1.74 billion for the first six months of 2018, a 7.3 percent year-on-year (YoY) increase due to lower operating expenses, higher operating income mainly from an increase in net special commission income, net unrealized gain on FVTPL financial instruments, net trading income and other operating income.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Net Special Commission Income 2,284.29 2,465.79 7.9 %
Operating Income 3,116.54 3,179.41 2.0 %
Total Provisions (443.58) (349.23) 21.3 %
Net Income 1,617.08 1,411.60 (12.7 %)
Average Shares 2,000.00 2,000.00 -
EPS (Riyals) 0.81 0.71 (12.7 %)

The bank’s net profit in Q2 rose about 8.3 percent YoY to SAR 919.1 million on a decrease in total operating expenses and higher total operating income.

 

On a sequential basis, Q2 net profit increase 12.6 percent compared to the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Net Special Commission Income 1,215.37 1,271.67 4.6 %
Operating Income 1,635.96 1,646.25 0.6 %
Debt Provisions (266.68) (174.37) 34.6 %
Net Income 849.04 747.22 (12.0 %)
Average Shares 2,000.00 2,000.00 -
EPS (Riyals) 0.42 0.37 (12.0 %)

Balance Sheet (B)

Item 6m 2017 6m 2018 Change‬
Assets 171.03 167.85 (1.9 %)
Customer Deposits 130.75 129.24 (1.2 %)
Loan 114.88 117.49 2.3 %


Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Debt Provisions Change Net Income Change EPS(Riyal)
Q1 2009 912.30 4.2 % 1,157.03 10.7 % (54.72) (264.9 %) 694.83 3.4 % 0.35
Q2 2009 893.89 4.5 % 1,211.76 2.8 % (73.90) (219.6 %) 745.87 (0.8 %) 0.37
Q3 2009 838.31 1.6 % 1,067.33 2.3 % (51.19) (458.3 %) 633.49 0.9 % 0.32
Q4 2009 811.79 1.7 % 1,057.35 21.9 % (346.78) (2,569.4 %) 295.82 (31.8 %) 0.15
Q1 2010 803.04 (12.0 %) 1,124.70 (2.8 %) (96.86) (77.0 %) 633.68 (8.8 %) 0.32
Q2 2010 775.33 (13.3 %) 1,114.87 (8.0 %) (79.43) (7.5 %) 629.45 (15.6 %) 0.31
Q3 2010 779.25 (7.0 %) 1,129.50 5.8 % (377.27) (637.0 %) 346.50 (45.3 %) 0.17
Q4 2010 799.93 (1.5 %) 1,134.71 7.3 % (410.86) (18.5 %) 301.46 1.9 % 0.15
Q1 2011 794.08 (1.1 %) 1,114.05 (0.9 %) (68.03) 29.8 % 587.40 (7.3 %) 0.29
Q2 2011 805.34 3.9 % 1,158.21 3.9 % (55.00) 30.8 % 696.68 10.7 % 0.35
Q3 2011 782.29 0.4 % 1,146.07 1.5 % (198.60) 47.4 % 519.18 49.8 % 0.26
Q4 2011 799.26 (0.1 %) 1,123.14 (1.0 %) (296.27) 27.9 % 367.87 22.0 % 0.18
Q1 2012 772.74 (2.7 %) 1,195.69 7.3 % (89.92) (32.2 %) 655.51 11.6 % 0.33
Q2 2012 842.79 4.7 % 1,255.06 8.4 % (83.84) (52.4 %) 717.98 3.1 % 0.36
Q3 2012 845.75 8.1 % 1,187.74 3.6 % (151.81) 23.6 % 572.70 10.3 % 0.29
Q4 2012 799.15 0.0 % 1,118.34 (0.4 %) (196.23) 33.8 % 424.98 15.5 % 0.21
Q1 2013 775.21 0.3 % 1,268.29 6.1 % (106.27) (18.2 %) 678.70 3.5 % 0.34
Q2 2013 836.90 (0.7 %) 1,263.39 0.7 % (65.54) 21.8 % 717.98 0.0 % 0.36
Q3 2013 876.81 3.7 % 1,264.79 6.5 % (182.50) (20.2 %) 589.20 2.9 % 0.29
Q4 2013 885.98 10.9 % 1,313.08 17.4 % (272.68) (39.0 %) 536.63 26.3 % 0.27
Q1 2014 857.18 10.6 % 1,308.77 3.2 % (106.05) 0.2 % 712.86 5.0 % 0.36
Q2 2014 904.11 8.0 % 1,385.51 9.7 % (106.55) (62.6 %) 785.44 9.4 % 0.39
Q3 2014 919.16 4.8 % 1,365.49 8.0 % (121.91) 33.2 % 747.93 26.9 % 0.37
Q4 2014 942.18 6.3 % 1,447.80 10.3 % (216.37) 20.7 % 628.82 17.2 % 0.31
Q1 2015 979.64 14.3 % 1,503.23 14.9 % (137.09) (29.3 %) 770.55 8.1 % 0.39
Q2 2015 969.88 7.3 % 1,502.33 8.4 % (135.75) (27.4 %) 835.31 6.3 % 0.42
Q3 2015 994.54 8.2 % 1,470.28 7.7 % (130.61) (7.1 %) 764.20 2.2 % 0.38
Q4 2015 900.78 (4.4 %) 1,305.70 (9.8 %) (172.05) 20.5 % 594.35 (5.5 %) 0.30
Q1 2016 961.68 (1.8 %) 1,447.29 (3.7 %) (124.78) 9.0 % 749.19 (2.8 %) 0.37
Q2 2016 1,086.22 12.0 % 1,517.60 1.0 % (140.53) (3.5 %) 817.98 (2.1 %) 0.41
Q3 2016 1,066.96 7.3 % 1,493.97 1.6 % (195.83) (49.9 %) 721.67 (5.6 %) 0.36
Q4 2016 1,030.63 14.4 % 1,395.27 6.9 % (265.00) (54.0 %) 565.06 (4.9 %) 0.28
Q1 2017 1,068.92 11.2 % 1,480.58 2.3 % (176.90) (41.8 %) 768.05 2.5 % 0.38
Q2 2017 1,215.37 11.9 % 1,635.96 7.8 % (266.68) (89.8 %) 849.04 3.8 % 0.42
Q3 2017 1,183.94 11.0 % 1,676.75 12.2 % (327.63) (67.3 %) 775.46 7.5 % 0.39
Q4 2017 1,196.53 16.1 % 1,584.65 13.6 % (377.58) (42.5 %) 634.43 12.3 % 0.32
Q1 2018 1,194.12 11.7 % 1,533.16 3.6 % (174.86) 1.2 % 664.38 (13.5 %) 0.33
Q2 2018 1,271.67 4.6 % 1,646.25 0.6 % (174.37) 34.6 % 747.22 (12.0 %) 0.37

Profitability

Period Return On Average Assets Return on Average Equity Net Interest Income/Total Operating Income
Q1 2009 2.32 % 21.27 % 79.84 %
Q2 2009 2.22 % 20.06 % 80.14 %
Q3 2009 2.20 % 19.22 % 79.99 %
Q4 2009 2.05 % 17.53 % 76.92 %
Q1 2010 2.08 % 17.11 % 75.03 %
Q2 2010 1.98 % 15.46 % 73.98 %
Q3 2010 1.79 % 12.83 % 71.60 %
Q4 2010 1.69 % 12.89 % 70.11 %
Q1 2011 1.62 % 12.59 % 70.08 %
Q2 2011 1.80 % 12.35 % 70.07 %
Q3 2011 1.93 % 13.03 % 69.88 %
Q4 2011 1.86 % 13.61 % 70.04 %
Q1 2012 1.82 % 14.10 % 68.34 %
Q2 2012 1.97 % 13.57 % 67.74 %
Q3 2012 1.91 % 13.48 % 68.48 %
Q4 2012 1.87 % 13.77 % 68.54 %
Q1 2013 1.85 % 13.97 % 67.56 %
Q2 2013 1.87 % 13.52 % 67.32 %
Q3 2013 1.83 % 13.13 % 66.90 %
Q4 2013 1.84 % 13.68 % 66.05 %
Q1 2014 1.80 % 13.75 % 67.12 %
Q2 2014 1.88 % 13.63 % 66.84 %
Q3 2014 1.93 % 14.00 % 66.38 %
Q4 2014 1.90 % 14.49 % 65.78 %
Q1 2015 1.86 % 14.50 % 65.68 %
Q2 2015 1.93 % 14.32 % 65.49 %
Q3 2015 1.91 % 14.05 % 65.61 %
Q4 2015 1.77 % 13.95 % 66.50 %
Q1 2016 1.78 % 13.77 % 66.84 %
Q2 2016 1.76 % 13.49 % 68.69 %
Q3 2016 1.74 % 13.01 % 69.66 %
Q4 2016 1.68 % 12.65 % 70.81 %
Q1 2017 1.71 % 12.73 % 72.23 %
Q2 2017 1.72 % 12.74 % 72.96 %
Q3 2017 1.79 % 12.72 % 72.70 %
Q4 2017 1.77 % 12.72 % 73.14 %
Q1 2018 1.74 % 12.24 % 74.49 %
Q2 2018 1.67 % 11.68 % 75.24 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
Q1 2009 112.41 8.1 % 84.52 7.2 % 72.81 11.5 %
Q2 2009 115.08 4.3 % 85.23 0.4 % 71.17 1.8 %
Q3 2009 111.86 (3.3 %) 80.50 (9.1 %) 68.79 (7.7 %)
Q4 2009 110.30 (9.1 %) 82.68 (10.9 %) 66.81 (10.5 %)
Q1 2010 110.06 (2.1 %) 77.65 (8.1 %) 65.44 (10.1 %)
Q2 2010 106.21 (7.7 %) 78.35 (8.1 %) 64.79 (9.0 %)
Q3 2010 101.37 (9.4 %) 77.38 (3.9 %) 65.28 (5.1 %)
Q4 2010 116.03 5.2 % 84.20 1.8 % 66.20 (0.9 %)
Q1 2011 120.49 9.5 % 88.48 13.9 % 67.32 2.9 %
Q2 2011 109.04 2.7 % 84.52 7.9 % 69.09 6.6 %
Q3 2011 116.67 15.1 % 85.77 10.8 % 71.69 9.8 %
Q4 2011 117.57 1.3 % 87.86 4.3 % 72.84 10.0 %
Q1 2012 125.42 4.1 % 90.69 2.5 % 75.57 12.3 %
Q2 2012 120.39 10.4 % 94.82 12.2 % 80.74 16.9 %
Q3 2012 125.35 7.4 % 98.27 14.6 % 83.65 16.7 %
Q4 2012 136.64 16.2 % 107.56 22.4 % 86.33 18.5 %
Q1 2013 133.67 6.6 % 109.09 20.3 % 85.97 13.8 %
Q2 2013 136.12 13.1 % 103.02 8.7 % 85.54 5.9 %
Q3 2013 137.89 10.0 % 105.21 7.1 % 86.11 2.9 %
Q4 2013 137.94 0.9 % 106.37 (1.1 %) 88.46 2.5 %
Q1 2014 150.50 12.6 % 117.54 7.7 % 87.42 1.7 %
Q2 2014 142.67 4.8 % 109.19 6.0 % 91.74 7.2 %
Q3 2014 149.94 8.7 % 114.69 9.0 % 96.04 11.5 %
Q4 2014 164.67 19.4 % 129.63 21.9 % 103.72 17.3 %
Q1 2015 164.79 9.5 % 131.23 11.6 % 108.85 24.5 %
Q2 2015 166.43 16.7 % 132.42 21.3 % 111.49 21.5 %
Q3 2015 164.86 10.0 % 132.60 15.6 % 113.28 17.9 %
Q4 2015 170.42 3.5 % 135.76 4.7 % 115.66 11.5 %
Q1 2016 166.59 1.1 % 132.03 0.6 % 116.04 6.6 %
Q2 2016 166.58 0.1 % 129.16 (2.5 %) 117.88 5.7 %
Q3 2016 167.26 1.5 % 128.24 (3.3 %) 115.62 2.1 %
Q4 2016 170.01 (0.2 %) 135.91 0.1 % 115.51 (0.1 %)
Q1 2017 168.43 1.1 % 131.84 (0.1 %) 116.04 0.0 %
Q2 2017 171.03 2.7 % 130.75 1.2 % 114.88 (2.5 %)
Q3 2017 163.64 (2.2 %) 128.55 0.2 % 115.93 0.3 %
Q4 2017 171.70 1.0 % 136.05 0.1 % 114.54 (0.8 %)
Q1 2018 168.40 0.0 % 130.03 (1.4 %) 113.06 (2.6 %)
Q2 2018 167.85 (1.9 %) 129.24 (1.2 %) 117.49 2.3 %

Ratios

Period Customer Deposits Per Total Assets Loans and advances/Total assets Loans and advances/Customers Deposits
Q1 2009 75.19 % 64.77 % 86.15 %
Q2 2009 74.06 % 61.84 % 83.50 %
Q3 2009 71.96 % 61.50 % 85.46 %
Q4 2009 74.96 % 60.57 % 80.81 %
Q1 2010 70.56 % 59.46 % 84.28 %
Q2 2010 73.77 % 61.00 % 82.69 %
Q3 2010 76.33 % 64.40 % 84.37 %
Q4 2010 72.56 % 57.05 % 78.63 %
Q1 2011 73.44 % 55.87 % 76.08 %
Q2 2011 77.51 % 63.36 % 81.74 %
Q3 2011 73.52 % 61.45 % 83.59 %
Q4 2011 74.73 % 61.96 % 82.91 %
Q1 2012 72.31 % 60.26 % 83.33 %
Q2 2012 78.76 % 67.06 % 85.15 %
Q3 2012 78.40 % 66.74 % 85.12 %
Q4 2012 78.72 % 63.18 % 80.26 %
Q1 2013 81.61 % 64.31 % 78.81 %
Q2 2013 75.68 % 62.84 % 83.03 %
Q3 2013 76.30 % 62.45 % 81.85 %
Q4 2013 77.12 % 64.13 % 83.16 %
Q1 2014 78.10 % 58.08 % 74.37 %
Q2 2014 76.53 % 64.30 % 84.02 %
Q3 2014 76.49 % 64.06 % 83.74 %
Q4 2014 78.72 % 62.99 % 80.01 %
Q1 2015 79.63 % 66.06 % 82.95 %
Q2 2015 79.57 % 66.99 % 84.20 %
Q3 2015 80.43 % 68.71 % 85.43 %
Q4 2015 79.66 % 67.86 % 85.19 %
Q1 2016 79.25 % 69.66 % 87.89 %
Q2 2016 77.54 % 70.76 % 91.26 %
Q3 2016 76.67 % 69.13 % 90.17 %
Q4 2016 79.94 % 67.94 % 84.99 %
Q1 2017 78.27 % 68.90 % 88.02 %
Q2 2017 76.45 % 67.17 % 87.87 %
Q3 2017 78.55 % 70.84 % 90.19 %
Q4 2017 79.24 % 66.71 % 84.19 %
Q1 2018 77.21 % 67.14 % 86.95 %
Q2 2018 77.00 % 70.00 % 90.91 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2009 2,000.00 1.25 1.25 - 6.25
Q2 2009 2,000.00 1.25 1.25 - 6.60
Q3 2009 2,000.00 1.25 1.25 - 6.97
Q4 2009 2,000.00 1.19 1.19 - 7.18
Q1 2010 2,000.00 1.15 1.15 - 7.24
Q2 2010 2,000.00 1.10 1.10 - 7.58
Q3 2010 2,000.00 0.95 0.95 - 7.87
Q4 2010 2,000.00 0.96 0.96 - 7.65
Q1 2011 2,000.00 0.93 0.93 - 7.57
Q2 2011 2,000.00 0.97 0.97 - 8.07
Q3 2011 2,000.00 1.05 1.05 - 8.28
Q4 2011 2,000.00 1.09 1.09 - 8.31
Q1 2012 2,000.00 1.12 1.12 - 8.31
Q2 2012 2,000.00 1.13 1.13 - 8.59
Q3 2012 2,000.00 1.16 1.16 - 8.88
Q4 2012 2,000.00 1.19 1.19 - 8.90
Q1 2013 2,000.00 1.20 1.20 - 8.83
Q2 2013 2,000.00 1.20 1.20 - 9.11
Q3 2013 2,000.00 1.21 1.21 - 9.48
Q4 2013 2,000.00 1.26 1.26 - 9.54
Q1 2014 2,000.00 1.28 1.28 - 9.77
Q2 2014 2,000.00 1.31 1.31 - 10.14
Q3 2014 2,000.00 1.39 1.39 - 10.41
Q4 2014 2,000.00 1.44 1.44 - 10.30
Q1 2015 2,000.00 1.47 1.47 - 10.46
Q2 2015 2,000.00 1.49 1.49 - 10.69
Q3 2015 2,000.00 1.50 1.50 - 10.93
Q4 2015 2,000.00 1.48 1.48 - 10.95
Q1 2016 2,000.00 1.47 1.47 - 10.90
Q2 2016 2,000.00 1.46 1.46 - 10.99
Q3 2016 2,000.00 1.44 1.44 - 11.22
Q4 2016 2,000.00 1.43 1.43 - 11.62
Q1 2017 2,000.00 1.44 1.44 - 11.66
Q2 2017 2,000.00 1.45 1.45 - 11.80
Q3 2017 2,000.00 1.48 1.48 - 12.02
Q4 2017 2,000.00 1.51 1.51 - 12.18
Q1 2018 2,000.00 1.46 1.46 - 12.23
Q2 2018 2,000.00 1.41 1.41 - 12.36

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 9.18 9.18 1.84
Q2 2009 10.08 10.08 1.91
Q3 2009 12.60 12.60 2.27
Q4 2009 11.61 11.61 1.91
Q1 2010 12.85 12.85 2.05
Q2 2010 11.92 11.92 1.72
Q3 2010 14.16 14.16 1.71
Q4 2010 12.80 12.80 1.60
Q1 2011 15.86 15.86 1.95
Q2 2011 12.94 12.94 1.55
Q3 2011 11.23 11.23 1.43
Q4 2011 10.77 10.77 1.41
Q1 2012 12.79 12.79 1.72
Q2 2012 9.78 9.78 1.29
Q3 2012 9.77 9.77 1.27
Q4 2012 9.47 9.47 1.26
Q1 2013 9.47 9.47 1.29
Q2 2013 10.86 10.86 1.43
Q3 2013 10.72 10.72 1.36
Q4 2013 10.38 10.38 1.37
Q1 2014 11.73 11.73 1.54
Q2 2014 10.47 10.47 1.36
Q3 2014 12.21 12.21 1.63
Q4 2014 10.60 10.60 1.48
Q1 2015 10.97 10.97 1.54
Q2 2015 11.07 11.07 1.54
Q3 2015 9.06 9.06 1.24
Q4 2015 7.94 7.94 1.08
Q1 2016 6.57 6.57 0.89
Q2 2016 6.61 6.61 0.88
Q3 2016 5.38 5.38 0.69
Q4 2016 7.74 7.74 0.95
Q1 2017 6.92 6.92 0.85
Q2 2017 7.71 7.71 0.95
Q3 2017 8.13 8.13 1.00
Q4 2017 8.16 8.16 1.01
Q1 2018 10.01 10.01 1.20
Q2 2018 11.34 11.34 1.29

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Investment Banking and Brokerage Others..
Q1 2009 524.10 328.63 133.45 33.24 137.61
Q2 2009 587.90 301.65 200.86 49.00 72.35
Q3 2009 539.13 298.41 157.29 16.54 55.95
Q4 2009 469.69 306.57 114.88 23.78 142.43
Q1 2010 526.50 305.46 125.20 20.22 147.32
Q2 2010 542.18 310.32 130.39 31.36 100.63
Q3 2010 519.05 297.56 184.23 18.70 109.96
Q4 2010 582.63 339.64 97.87 24.80 89.76
Q1 2011 542.94 353.61 87.72 31.53 98.25
Q2 2011 544.10 350.06 120.51 43.02 100.53
Q3 2011 554.56 374.86 96.06 22.44 98.15
Q4 2011 552.47 350.77 112.92 30.05 76.93
Q1 2012 547.54 329.65 237.29 48.44 32.78
Q2 2012 555.96 444.51 202.41 37.80 14.38
Q3 2012 509.80 364.10 249.29 30.80 33.75
Q4 2012 532.18 369.68 185.00 22.76 8.72
Q1 2013 523.63 427.43 228.21 38.76 50.26
Q2 2013 534.81 450.71 206.27 26.70 44.89
Q3 2013 525.95 443.62 245.12 23.96 26.13
Q4 2013 509.06 459.47 293.01 23.01 28.53
Q1 2014 530.00 494.40 228.30 30.29 25.77
Q2 2014 572.57 487.50 241.95 36.78 46.72
Q3 2014 518.30 538.93 209.30 32.05 66.92
Q4 2014 557.14 584.24 204.62 36.03 65.77
Q1 2015 604.48 582.76 217.31 32.57 66.11
Q2 2015 618.24 562.31 222.91 43.47 55.41
Q3 2015 574.99 588.74 212.73 24.16 69.25
Q4 2015 492.59 501.26 200.27 40.69 70.89
Q1 2016 576.61 486.44 240.27 34.88 109.09
Q2 2016 604.07 545.00 277.04 35.39 56.11
Q3 2016 649.47 555.45 283.15 30.10 (24.20)
Q4 2016 501.36 421.55 232.26 72.18 167.92
Q1 2017 586.10 574.33 246.87 38.21 35.07
Q2 2017 615.57 638.56 264.29 44.64 72.91
Q3 2017 576.27 615.68 381.47 40.92 62.41
Q4 2017 611.91 615.33 244.65 43.90 68.86
Q1 2018 567.34 617.26 225.52 44.33 78.71
Q2 2018 582.69 589.89 308.47 60.70 104.50

Analysts Estimates (Million)

Item Q2 2018 (e) Q2 2018 (a) Change‬
Average 871.30 747.22 (14.2 %)

Estimates vs Actual (Million)

Item Q2 2018 (e) Q2 2018 (a) Change
Sico 839.00 747.22 (10.9) %
Riyad Capital 856.00 747.22 (12.7) %
OSOOL AND BAKHEET 858.20 747.22 (12.9) %
SNB Capital 932.00 747.22 (19.8) %


Financial Ratios
Current
Market Cap (M Riyal) 39,400.00
Shares Outstanding ((M)) 2,000.00
EPS ( Riyal) (TTM) 2.12
EPS Diluted ( Riyal) (TTM) 2.12
Book Value (BV) ( Riyal) 17.58
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 8.74
P/E (TTM) 9.30
Price/book 1.12
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 12.5
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