SAB

05 May, 2024 15:43

Saudi Awwal Bank announces its Interim Financial Results for the Period Ending on 2024-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Total Income From Special Commission of Financing 3,7332,79933.3693,6282.894
Total Income From Special Commission of Investment 1,1331,00213.0731,1121.888
Net Income From Special Commission of Financing 2,3852,1729.8062,3640.888
Net Income From Special Commission of Investment 324362-10.497338-4.142
Total Operations Profit (Loss) 3,4473,2187.1163,1798.43
Net Profit (Loss) before Zakat and Income Tax 2,3512,01216.8482,11411.21
Net Profit/(Loss) 2,0431,76515.751,8589.956
Total Comprehensive Income 1,1882,341-49.2522,388-50.251
Total Operating Expenses Before Provisions for Credit and Other Losses 1,0511,0064.4731,066-1.407
Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net 81229-64.6285158.823
All figures are in (Millions) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Assets 369,612328,88512.383
Investments 91,95790,9791.074
Loans And Advances Portfolio (Financing And Investment) 228,539191,00119.653
Clients' deposits 251,760225,98311.406
Total Shareholder’s Equity (After Deducting The Minority’s Rights) 63,02057,03410.495
Profit (Loss) per Share 0.960.86
All figures are in (Millions) Saudi Arabia, Riyals


Element ListAmountPercentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value --
All figures are in (Millions) Saudi Arabia, Riyals


Element ListExplanation
The reason of the increase (decrease) in special commission income during the current quarter compared to the same quarter of the last year is The gross special commission income was higher by 28%, primarily driven by interest rate hikes and volume growth contributed mainly from loans, as a result the net special commission income increased by 7%.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The net profit was higher by 16%, primarily driven by an increase in total operating income and a decrease in provision for expected credit losses. This was partially offset by an increase in provision for Zakat and income tax and operating expenses. Total operating income increased mainly due to an increase in net special commission income, net fee and commission income and exchange income. This was partially offset by an increase in losses on amortised cost investments. Total operating expenses increased primarily due to increase in salaries and employee related expenses and depreciation and amortization. This was offset by decrease in general and administrative expenses.
The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the same quarter of the last year is Provision for expected credit losses decreased by 65% due to lower impairment charge on loans and advances, during the quarter.
The reason of the increase (decrease) in special commission income during the current quarter compared to the previous quarter is The gross special commission income was higher by 3%, primarily driven by volume growth mainly contributed from loans. The special commission expense was higher by 6% primarily driven by an increase in time deposits, therefore, the net special commission income increased slightly by 0.3%.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter is The net profit was higher by 10%, largely driven by higher total operating income. This was offset by an increase in provision for Zakat and income tax and provision for expected credit losses. Total operating income increased mainly due to an increase in income from FVSI financial instruments and net fee and commission income. This was partially offset by an increase in other operating expense, net. Total operating expenses decrease mainly due to the decrease in depreciation and amortization and rent and premises related expenses. This was partially offset by an increase in salaries and employee related expenses.
The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the previous quarter is Provision for expected credit losses increased by 59% due to lower recoveries. This was offset by lower charge during the current quarter on loans portfolio.
Statement of the type of external auditor's report Unmodified Conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) None
Reclassification of Comparison Items Certain prior period figures have been reclassified to be aligned with the presentation in the current period.
Additional Information Earnings per share for the three month period ended 31 March 2024 and 31 March 2023 are calculated by dividing the net income after Zakat and income tax attributable to equity holders of the Bank (adjusted for Tier 1 Sukuk costs for the current period) by 2,055 million weighted average number of shares outstanding during the three month period ended 31 March 2024 and 31 March 2023.

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