| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Total Revenue from Special Commissions/Financing & Investments | 1,953 | 1,631 | 19.742 | 1,796 | 8.741 |
| Net Income from Special Commissions/Financing & Investments | 1,582 | 1,391 | 13.731 | 1,487 | 6.388 |
| Total Operation Profit (Loss) | 1,983 | 1,869 | 6.099 | 1,970 | 0.659 |
| Net Profit (Loss) | -254 | 833 | - | 1,105 | - |
| Total Comprehensive Income | -395 | 1,073 | - | 1,526 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Revenue from Special Commissions/Financing & Investments | 3,749 | 3,175 | 18.078 |
| Net Income from Special Commissions/Financing & Investments | 3,069 | 2,713 | 13.122 |
| Total Operation Profit (Loss) | 3,953 | 3,630 | 8.898 |
| Net Profit (Loss) | 851 | 1,805 | -52.853 |
| Total Comprehensive Income | 1,131 | 2,130 | -46.901 |
| Total Share Holders Equity (after Deducting Minority Equity) | 55,309 | 32,963 | 67.791 |
| Assets | 270,278 | 183,129 | 47.588 |
| Investments | 56,092 | 32,281 | 73.761 |
| Loans and Advances Portfolio (Financing & Investment) | 158,275 | 113,362 | 39.619 |
| Customer Deposits | 196,145 | 132,931 | 47.553 |
| Profit (Loss) per Share | 0.55 | 1.21 | |
| 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 | The decrease in net profit was primarily driven by an increase in total operating expenses mainly due to an increase in provision for credit losses, and an increase in other operating expense items that incorporated SAR 75m of merger-related integration planning and transaction costs in the current quarter (same quarter of previous year: Nil), partially offset by a decrease in provision for zakat and income tax and a 6.1% increase in total operating income mainly due to an increase in net special commission income by 13.7%. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | The decrease in net profit was primarily driven by an increase in total operating expenses mainly due to an increase in provision for credit losses, and an increase in other operating expense items that incorporated SAR 75m of merger-related integration planning and transaction costs in the current quarter (previous quarter : SAR 58m), partially offset by a decrease in provision for zakat and income tax and a 0.7% increase in total operating income mainly due to an increase in net special commission income by 6.4%. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Same Period Last Year is Attributed to | The decrease in net profit was primarily driven by an increase in total operating expenses mainly due to an increase in provision for credit losses, and an increase in other operating expense items that incorporated SAR 133m of merger-related integration planning and transaction costs in the current period (previous period : Nil), partially offset by a decrease in provision for zakat and income tax and a 8.9% increase in total operating income mainly due to an increase in net special commission income by 13.1%. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification of Comparison Items | In pursuance of complying with International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia (KSA), the bank has changed the accounting for zakat and income tax and restated the interim consolidated statement of financial position, the interim consolidated statement of income, the interim consolidated statement of comprehensive income and the interim consolidated statement of changes in equity to reflect the change in accounting policy to record zakat and income tax through the interim consolidated statement of income, and to recognise deferred tax asset. Previously, zakat and income tax was charged directly to the interim consolidated statement of changes in equity. Additionally, some numbers have been re-classified in order to align with the current period presentation. |
| Additional Information | Net loss before zakat and income tax for the three months period ended 30 June 2019 was SAR 318 million, as compared to net profit before zakat and income tax SAR 1,432 million in the corresponding period of last year, and as compared to net profit before zakat and income tax SAR 1,286 million in the previous quarter. |
Net loss after zakat and income tax for the three months period ended 30 June 2019 was SAR 254 million, as compared to net profit after zakat and income tax SAR 833 million in the corresponding period of last year, and as compared to net profit after zakat and income tax SAR 1,105 million in the previous quarter.
Net profit before zakat and income tax for the six months period ended 30 June 2019 was SAR 968 million as compared to SAR 2,471 million in the corresponding period of last year.
Net profit after zakat and income tax for the six months period ended 30 June 2019 was SAR 851 million as compared to SAR 1,805 million in the corresponding period of last year.
Further to receipt of regulatory approvals, on 16 June 2019 SABB completed a statutory merger with Alawwal bank. On this date, the net assets and business activities of Alawwal bank were transferred to SABB in exchange for newly issued shares of SABB.
Earnings per share for the period ended 30 June 2019 and 30 June 2018 are calculated by dividing the net income after zakat and income tax attributable to equity holders of the bank for the periods by 1,546 million weighted average number of shares outstanding during the period ended 30 June 2019 and 1,500 million weighted average number of shares outstanding during the period ended 30 June 2018.
Starting from the quarter ended 30 June 2019, Zakat and income tax are to be accrued at end of each financial reporting period and recognized in interim consolidated statement of income with a corresponding liability recognized in the interim consolidated statement of financial position in accordance with IFRS as endorsed in the KSA and other standards and pronouncements endorsed by SOCPA.
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