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Saudi Awwal Bank announces its Interim Financial Results for the Period Ending on 2023-09-30 ( Nine Months )

1060
SAB
0.00 %
1445/04/10     25/10/2023 15:58:19

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Gross Income from Special Commissions/Financing & Investments 4,4582,52176.834,0899.02
Net Income from Special Commissions/Financing & Investments 2,5791,98529.922,5272.06
Total Operation Profit (Loss) 3,2472,61524.173,0675.87
Net Profit (Loss) before Zakat and Income Tax 2,1181,74321.511,9797.02
Net Profit (Loss) 1,8301,50621.511,55018.06
Total Comprehensive Income 877882-0.571,170-25.04
Total Provisions (Reversals) for Expected Credit and Other Losses, net 14438278.951393.6
Total Operating Expenses Before Provisions for Credit and Other Losses 1,04588118.619964.92
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Gross Income from Special Commissions/Financing & Investments 12,3486,124101.63
Net Income from Special Commissions/Financing & Investments 7,6405,11749.31
Total Operation Profit (Loss) 9,5326,87038.75
Net Profit (Loss) before Zakat and Income Tax 6,1094,21944.8
Net Profit (Loss) 5,1453,59243.23
Total Comprehensive Income 4,3882,43480.28
Total Share Holders Equity (excluding Non-Controlling Interest) 55,53953,4423.92
Assets 340,478300,09913.46
Investments 88,79678,78612.71
Loans and Advances Portfolio (Financing & Investment) 211,404183,16015.42
Total Provisions (Reversals) for Expected Credit and Other Losses, net 512233119.74
Total Operating Expenses Before Provisions for Credit and Other Losses 3,0472,58517.87
Clients' deposits 228,053202,86412.42
Profit (Loss) per Share 2.51.75
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
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 SAR 324 million, primarily driven by higher total operating income. This was partially offset by an increase in operating expenses, provision for expected credit losses and provision for Zakat and income tax.

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 a decrease in other operating (expense) / income and Income from FVSI financial instruments.

Total operating expenses increased primarily due to increase in depreciation and amortization, salaries and employee related expenses in addition to general and administrative expenses.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is The net profit was higher by SAR 280 million, primarily driven by an increase in total operating income and a decrease in provision for Zakat and income tax during the quarter. This was partially offset by an increase in total operating expenses and provision for expected credit losses.

Total operating income increased mainly due to an increase in net fee and commission income, net special commission income, exchange income and income from FVSI financial instruments.

Total operating expenses increased mainly due to an increase in depreciation and amortization. This was offset partially by decrease in salaries and employee related expenses and general and administrative expenses.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The net profit was higher by SAR 1,553 million, largely driven by higher total operating income. This was offset by an increase in total operating expenses, provision for Zakat and income tax and provision for expected credit losses.

Total operating income increased mainly due to an increase in net special commission income, net fee and commission income, exchange income and Income from FVSI financial instruments. This was partially offset by an increase in other operating expense, net.

Total operating expenses increased mainly due to an increase in salaries and employee related expenses, depreciation and amortization, general and administrative expenses and rent and premises related expenses.

Statement of the type of external auditor's report Unmodified Conclusion
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 be aligned with the presentation in the current period.
Additional Information Earnings per share for the nine-month period ended 30 September 2023 and 30 September 2022 are calculated by dividing the net income after Zakat and income tax attributable to equity holders of the Bank by 2,055 million weighted average number of shares outstanding during the three and nine-month period ended 30 September 2023 and 30 September 2022.

The Capital Market Authority and Saudi 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.

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