NCB Q1 profit rises 11% as expenses decrease

NCB Q1 profit rises 11% as expenses decrease

02/05/2018 Argaam Exclusive

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National Commercial Bank (NCB) posted a net profit of SAR 2.98 billion for the first quarter of 2018, a 10.51 percent year-on-year (YoY) rise on lower gross operating expenses, which were partially offset by decreased operating income. Also, G&A expenses retreated during the three-month period.

Compared to the previous quarter, Q1 net profit rose 16.86 percent, due to decreased gross operating expenses, and higher operating income.



Current Quarter Comparison (M)

Compared With The
Item Q1 2017 Q1 2018 Change‬
Net Special Commission Income 3,359.46 3,418.57 1.8 %
Operating Income 4,859.82 4,779.24 (1.7 %)
Debt Provisions (421.98) 2.34 100.6 %
Net Income 2,702.56 2,592.19 (4.1 %)
Average Shares 4,019.65 4,019.65 -
EPS (Riyals) 0.67 0.64 (4.1 %)

Balance Sheet (B)

Item 3m 2017 3m 2018 Change‬
Assets 449.00 438.90 (2.2 %)
Customer Deposits 313.65 309.00 (1.5 %)
Loan 254.20 252.78 (0.6 %)


Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Debt Provisions Change
Q1 2009 2,065.71 - 3,165.57 - (671.02) -
Q2 2009 1,918.50 - 2,817.90 - (425.12) -
Q3 2009 1,958.39 - 2,932.33 - (769.68) -
Q4 2009 2,103.06 - 2,562.85 - (607.91) -
Q1 2010 2,143.79 3.8 % 3,099.05 (2.1 %) (552.03) 17.7 %
Q2 2010 1,990.25 3.7 % 3,011.06 6.9 % (612.95) (44.2 %)
Q3 2010 1,978.17 1.0 % 2,826.25 (3.6 %) (587.79) 23.6 %
Q4 2010 2,037.60 (3.1 %) 2,730.89 6.6 % (78.79) 87.0 %
Q1 2011 2,072.45 (3.3 %) 3,059.38 (1.3 %) (296.60) 46.3 %
Q2 2011 2,116.00 6.3 % 3,075.09 2.1 % (407.97) 33.4 %
Q3 2011 2,173.22 9.9 % 3,059.64 8.3 % (212.25) 63.9 %
Q4 2011 2,219.76 8.9 % 2,939.51 7.6 % (116.50) (47.9 %)
Q1 2012 2,303.73 11.2 % 3,703.85 21.1 % (395.58) (33.4 %)
Q2 2012 2,176.14 2.8 % 3,380.72 9.9 % (351.03) 14.0 %
Q3 2012 2,332.29 7.3 % 3,271.63 6.9 % (424.82) (100.2 %)
Q4 2012 2,147.42 (3.3 %) 3,152.71 7.3 % (264.59) (127.1 %)
Q1 2013 2,533.05 10.0 % 4,065.77 9.8 % (259.83) 34.3 %
Q2 2013 2,546.09 17.0 % 3,699.88 9.4 % (156.08) 55.5 %
Q3 2013 2,373.59 1.8 % 3,423.34 4.6 % (199.61) 53.0 %
Q4 2013 2,643.48 23.1 % 3,668.53 16.4 % (179.83) 32.0 %
Q1 2014 2,708.28 6.9 % 3,864.29 (5.0 %) (205.65) 20.9 %
Q2 2014 2,842.93 11.7 % 4,214.98 13.9 % 91.77 158.8 %
Q3 2014 2,790.58 17.6 % 4,114.35 20.2 % (400.86) (100.8 %)
Q4 2014 3,062.34 15.8 % 4,053.41 10.5 % (480.72) (167.3 %)
Q1 2015 3,033.56 12.0 % 4,447.54 15.1 % (218.33) (6.2 %)
Q2 2015 3,122.72 9.8 % 4,282.93 1.6 % (278.85) (403.9 %)
Q3 2015 3,255.60 16.7 % 4,312.86 4.8 % (713.13) (77.9 %)
Q4 2015 3,169.96 3.5 % 4,442.37 9.6 % (390.05) 18.9 %
Q1 2016 3,435.82 13.3 % 4,723.97 6.2 % (346.63) (58.8 %)
Q2 2016 3,348.18 7.2 % 4,660.25 8.8 % (381.30) (36.7 %)
Q3 2016 3,441.72 5.7 % 4,662.80 8.1 % (839.11) (17.7 %)
Q4 2016 3,323.86 4.9 % 4,600.36 3.6 % (363.93) 6.7 %
Q1 2017 3,359.46 (2.2 %) 4,859.82 2.9 % (421.98) (21.7 %)
Q2 2017 3,472.91 3.7 % 4,478.34 (3.9 %) (477.71) (25.3 %)
Q3 2017 3,453.44 0.3 % 4,491.53 (3.7 %) (707.21) 15.7 %
Q4 2017 3,375.17 1.5 % 4,515.54 (1.8 %) (285.96) 21.4 %
Q1 2018 3,418.57 1.8 % 4,779.24 (1.7 %) 2.34 100.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2009 1,045.61 - 0.26 - 1,045.61 0.26
Q2 2009 1,191.61 - 0.30 - 1,191.61 0.30
Q3 2009 1,034.21 - 0.26 - 1,034.21 0.26
Q4 2009 768.83 - 0.19 - 768.83 0.19
Q1 2010 1,413.06 35.1 % 0.35 - 1,413.06 0.35
Q2 2010 1,226.70 2.9 % 0.31 - 1,226.70 0.31
Q3 2010 828.38 (19.9 %) 0.21 - 828.38 0.21
Q4 2010 1,255.70 63.3 % 0.31 - 1,255.70 0.31
Q1 2011 1,502.98 6.4 % 0.37 - 1,502.98 0.37
Q2 2011 1,424.32 16.1 % 0.35 - 1,424.32 0.35
Q3 2011 1,545.87 86.6 % 0.38 - 1,545.87 0.38
Q4 2011 1,538.58 22.5 % 0.38 - 1,538.58 0.38
Q1 2012 1,953.74 30.0 % 0.49 - 1,953.74 0.49
Q2 2012 1,608.14 12.9 % 0.40 - 1,608.14 0.40
Q3 2012 1,480.49 (4.2 %) 0.37 - 1,480.49 0.37
Q4 2012 1,410.44 (8.3 %) 0.35 - 1,410.44 0.35
Q1 2013 2,331.96 19.4 % 0.58 - 2,331.96 0.58
Q2 2013 1,992.11 23.9 % 0.50 - 1,992.11 0.50
Q3 2013 1,733.21 17.1 % 0.43 - 1,733.21 0.43
Q4 2013 1,794.93 27.3 % 0.45 - 1,794.93 0.45
Q1 2014 2,535.31 8.7 % 0.63 - 2,535.31 0.63
Q2 2014 2,425.41 21.8 % 0.60 - 2,425.41 0.60
Q3 2014 1,869.11 7.8 % 0.46 - 1,869.11 0.46
Q4 2014 1,825.33 1.7 % 0.45 - 1,825.33 0.45
Q1 2015 2,605.57 2.8 % 0.65 - 2,605.57 0.65
Q2 2015 2,362.92 (2.6 %) 0.59 - 2,362.92 0.59
Q3 2015 1,994.14 6.7 % 0.50 - 1,994.14 0.50
Q4 2015 2,126.56 16.5 % 0.53 - 2,126.56 0.53
Q1 2016 2,630.81 1.0 % 0.65 - 2,630.81 0.65
Q2 2016 2,437.54 3.2 % 0.61 - 2,437.54 0.61
Q3 2016 1,961.78 (1.6 %) 0.49 - 1,961.78 0.49
Q4 2016 2,286.72 7.5 % 0.57 - 2,286.72 0.57
Q1 2017 2,702.56 2.7 % 0.67 - 2,702.56 0.67
Q2 2017 2,417.42 (0.8 %) 0.60 - 2,417.42 0.60
Q3 2017 2,125.61 8.4 % 0.53 - 2,125.61 0.53
Q4 2017 2,556.39 11.8 % 0.64 - 2,556.39 0.64
Q1 2018 2,592.19 (4.1 %) 0.64 - 2,592.19 0.64

Profitability

Period Return On Average Assets Return on Average Equity Net Interest Income/Total Operating Income
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - 70.09 %
Q1 2010 1.71 % 16.23 % 71.19 %
Q2 2010 1.71 % 15.85 % 70.62 %
Q3 2010 1.62 % 14.22 % 71.44 %
Q4 2010 1.75 % 15.60 % 69.85 %
Q1 2011 1.71 % 15.64 % 69.48 %
Q2 2011 1.74 % 16.46 % 70.17 %
Q3 2011 1.98 % 17.87 % 70.43 %
Q4 2011 2.06 % 18.37 % 70.72 %
Q1 2012 2.11 % 19.02 % 68.97 %
Q2 2012 2.10 % 19.84 % 67.82 %
Q3 2012 2.10 % 18.80 % 67.93 %
Q4 2012 2.00 % 17.96 % 66.32 %
Q1 2013 2.03 % 18.53 % 66.25 %
Q2 2013 2.11 % 19.21 % 67.36 %
Q3 2013 2.17 % 19.39 % 66.94 %
Q4 2013 2.17 % 19.97 % 67.95 %
Q1 2014 2.07 % 19.96 % 70.08 %
Q2 2014 2.13 % 20.09 % 69.66 %
Q3 2014 2.14 % 20.33 % 69.25 %
Q4 2014 2.13 % 20.09 % 70.19 %
Q1 2015 2.01 % 19.45 % 69.69 %
Q2 2015 1.93 % 18.71 % 71.07 %
Q3 2015 1.92 % 19.01 % 72.96 %
Q4 2015 2.06 % 19.41 % 71.96 %
Q1 2016 2.02 % 18.46 % 73.10 %
Q2 2016 2.01 % 18.39 % 72.82 %
Q3 2016 2.00 % 18.35 % 72.45 %
Q4 2016 2.09 % 18.36 % 72.66 %
Q1 2017 2.08 % 17.67 % 71.73 %
Q2 2017 2.07 % 17.88 % 73.10 %
Q3 2017 2.15 % 17.92 % 73.84 %
Q4 2017 2.21 % 17.97 % 74.47 %
Q1 2018 2.18 % 17.36 % 75.12 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
Q1 2009 250.69 - 204.04 - 101.93 -
Q2 2009 256.90 - 206.86 - 105.81 -
Q3 2009 253.06 - 198.39 - 116.51 -
Q4 2009 257.45 - 202.58 - 112.16 -
Q1 2010 264.82 5.6 % 201.26 (1.4 %) 113.79 11.6 %
Q2 2010 263.27 2.5 % 204.81 (1.0 %) 116.96 10.5 %
Q3 2010 271.23 7.2 % 215.08 8.4 % 122.55 5.2 %
Q4 2010 282.37 9.7 % 229.16 13.1 % 125.60 12.0 %
Q1 2011 298.88 12.9 % 239.34 18.9 % 124.81 9.7 %
Q2 2011 313.78 19.2 % 250.66 22.4 % 130.18 11.3 %
Q3 2011 306.98 13.2 % 242.99 13.0 % 129.82 5.9 %
Q4 2011 301.20 6.7 % 239.46 4.5 % 135.29 7.7 %
Q1 2012 313.64 4.9 % 247.92 3.6 % 142.34 14.0 %
Q2 2012 320.42 2.1 % 250.27 (0.2 %) 150.27 15.4 %
Q3 2012 320.80 4.5 % 251.33 3.4 % 157.21 21.1 %
Q4 2012 345.26 14.6 % 273.53 14.2 % 163.46 20.8 %
Q1 2013 358.02 14.1 % 276.68 11.6 % 170.63 19.9 %
Q2 2013 362.80 13.2 % 288.05 15.1 % 178.21 18.6 %
Q3 2013 367.09 14.4 % 294.78 17.3 % 184.40 17.3 %
Q4 2013 377.29 9.3 % 300.60 9.9 % 187.69 14.8 %
Q1 2014 420.37 17.4 % 333.07 20.4 % 197.39 15.7 %
Q2 2014 435.53 20.0 % 345.60 20.0 % 206.19 15.7 %
Q3 2014 437.91 19.3 % 343.94 16.7 % 213.53 15.8 %
Q4 2014 434.88 15.3 % 333.10 10.8 % 220.72 17.6 %
Q1 2015 449.80 7.0 % 342.85 2.9 % 227.13 15.1 %
Q2 2015 461.41 5.9 % 360.98 4.5 % 234.28 13.6 %
Q3 2015 476.83 8.9 % 367.37 6.8 % 238.60 11.7 %
Q4 2015 448.64 3.2 % 323.87 (2.8 %) 252.94 14.6 %
Q1 2016 452.00 0.5 % 326.03 (4.9 %) 265.34 16.8 %
Q2 2016 452.61 (1.9 %) 314.71 (12.8 %) 264.77 13.0 %
Q3 2016 438.76 (8.0 %) 311.23 (15.3 %) 259.92 8.9 %
Q4 2016 442.66 (1.3 %) 315.62 (2.5 %) 253.59 0.3 %
Q1 2017 449.00 (0.7 %) 313.65 (3.8 %) 254.20 (4.2 %)
Q2 2017 450.49 (0.5 %) 314.69 0.0 % 256.90 (3.0 %)
Q3 2017 446.19 1.7 % 302.59 (2.8 %) 256.85 (1.2 %)
Q4 2017 444.79 0.5 % 308.94 (2.1 %) 249.23 (1.7 %)
Q1 2018 438.90 (2.2 %) 309.00 (1.5 %) 252.78 (0.6 %)

Ratios

Period Customer Deposits Per Total Assets Loans and advances/Total assets Loans and advances/Customers Deposits
Q1 2009 81.39 % 40.66 % 49.95 %
Q2 2009 80.52 % 41.19 % 51.15 %
Q3 2009 78.40 % 46.04 % 58.73 %
Q4 2009 78.69 % 43.56 % 55.36 %
Q1 2010 76.00 % 42.97 % 56.54 %
Q2 2010 77.79 % 44.42 % 57.11 %
Q3 2010 79.30 % 45.18 % 56.98 %
Q4 2010 81.16 % 44.48 % 54.81 %
Q1 2011 80.08 % 41.76 % 52.15 %
Q2 2011 79.88 % 41.49 % 51.94 %
Q3 2011 79.16 % 42.29 % 53.43 %
Q4 2011 79.50 % 44.92 % 56.50 %
Q1 2012 79.05 % 45.38 % 57.41 %
Q2 2012 78.11 % 46.90 % 60.04 %
Q3 2012 78.34 % 49.01 % 62.55 %
Q4 2012 79.22 % 47.34 % 59.76 %
Q1 2013 77.28 % 47.66 % 61.67 %
Q2 2013 79.40 % 49.12 % 61.87 %
Q3 2013 80.30 % 50.23 % 62.56 %
Q4 2013 79.67 % 49.75 % 62.44 %
Q1 2014 79.23 % 46.96 % 59.26 %
Q2 2014 79.35 % 47.34 % 59.66 %
Q3 2014 78.54 % 48.76 % 62.08 %
Q4 2014 76.60 % 50.75 % 66.26 %
Q1 2015 76.22 % 50.49 % 66.25 %
Q2 2015 78.23 % 50.78 % 64.90 %
Q3 2015 77.04 % 50.04 % 64.95 %
Q4 2015 72.19 % 56.38 % 78.10 %
Q1 2016 72.13 % 58.70 % 81.39 %
Q2 2016 69.53 % 58.50 % 84.13 %
Q3 2016 70.93 % 59.24 % 83.51 %
Q4 2016 71.30 % 57.29 % 80.35 %
Q1 2017 69.86 % 56.62 % 81.05 %
Q2 2017 69.86 % 57.03 % 81.64 %
Q3 2017 67.82 % 57.57 % 84.88 %
Q4 2017 69.46 % 56.03 % 80.67 %
Q1 2018 70.40 % 57.59 % 81.80 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2009 4,019.65 - - - 6.34
Q2 2009 4,019.65 - - - 6.70
Q3 2009 4,019.65 - - - 7.15
Q4 2009 4,019.65 1.01 1.01 - 7.28
Q1 2010 4,019.65 1.10 1.10 - 7.17
Q2 2010 4,019.65 1.11 1.11 - 7.24
Q3 2010 4,019.65 1.05 1.05 - 7.68
Q4 2010 4,019.65 1.18 1.18 - 7.78
Q1 2011 4,019.65 1.20 1.20 - 8.14
Q2 2011 4,019.65 1.25 1.25 - 7.91
Q3 2011 4,019.65 1.43 1.43 - 8.27
Q4 2011 4,019.65 1.50 1.50 - 8.50
Q1 2012 4,019.65 1.61 1.61 - 8.76
Q2 2012 4,019.65 1.65 1.65 - 8.76
Q3 2012 4,019.65 1.64 1.64 - 9.15
Q4 2012 4,019.65 1.61 1.61 - 9.38
Q1 2013 4,019.65 1.70 1.70 - 9.58
Q2 2013 4,019.65 1.79 1.79 - 9.93
Q3 2013 4,019.65 1.86 1.86 - 10.01
Q4 2013 4,019.65 1.95 1.95 - 10.18
Q1 2014 4,019.65 2.00 2.00 - 10.51
Q2 2014 4,019.65 2.11 2.11 - 11.10
Q3 2014 4,019.65 2.15 2.15 - 11.10
Q4 2014 4,019.65 2.15 2.15 - 11.25
Q1 2015 4,019.65 2.17 2.17 - 11.81
Q2 2015 4,019.65 2.16 2.16 - 11.95
Q3 2015 4,019.65 2.19 2.19 - 11.91
Q4 2015 4,019.65 2.26 2.26 - 12.06
Q1 2016 4,019.65 2.27 2.27 - 12.75
Q2 2016 4,019.65 2.29 2.29 - 12.91
Q3 2016 4,019.65 2.28 2.28 - 12.92
Q4 2016 4,019.65 2.32 2.32 - 13.19
Q1 2017 4,019.65 2.34 2.34 - 13.68
Q2 2017 4,019.65 2.33 2.33 - 13.15
Q3 2017 4,019.65 2.37 2.37 - 13.54
Q4 2017 4,019.65 2.44 2.44 - 13.94
Q1 2018 4,019.65 2.41 2.41 - 14.10

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 18.97 18.97 3.63
Q1 2015 20.89 20.89 3.84
Q2 2015 21.52 21.52 3.88
Q3 2015 18.33 18.33 3.37
Q4 2015 16.78 16.78 3.15
Q1 2016 13.33 13.33 2.37
Q2 2016 12.99 12.99 2.30
Q3 2016 10.75 10.75 1.90
Q4 2016 13.65 13.65 2.40
Q1 2017 12.54 12.54 2.14
Q2 2017 16.92 16.92 3.00
Q3 2017 16.10 16.10 2.82
Q4 2017 16.77 16.77 2.93
Q1 2018 20.07 20.07 3.43

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking International Banking Capital Market Global markets and Treasury
Q1 2009 1,615.37 550.46 424.51 165.79 409.43
Q2 2009 1,614.72 507.68 428.19 169.08 98.23
Q3 2009 1,578.05 600.10 466.79 140.28 147.11
Q4 2009 1,472.98 567.04 460.23 146.60 (84.00)
Q1 2010 1,429.43 550.42 450.65 112.37 556.18
Q2 2010 1,354.72 516.49 437.95 150.77 551.14
Q3 2010 1,250.06 580.16 378.72 153.97 463.35
Q4 2010 1,181.16 524.00 444.44 127.34 453.94
Q1 2011 1,224.26 512.03 429.46 146.97 746.66
Q2 2011 1,211.32 507.83 467.96 147.43 740.55
Q3 2011 1,158.03 458.35 454.10 148.33 840.83
Q4 2011 1,162.53 531.82 493.19 78.14 673.83
Q1 2012 1,370.73 589.23 572.91 244.35 926.63
Q2 2012 1,324.88 486.68 527.86 201.57 839.73
Q3 2012 1,198.40 749.16 434.30 167.08 722.69
Q4 2012 1,197.65 490.57 565.60 155.74 743.17
Q1 2013 1,418.17 775.64 565.85 160.86 1,145.26
Q2 2013 1,276.19 933.13 551.32 167.65 771.59
Q3 2013 1,220.48 805.71 517.35 143.22 736.59
Q4 2013 1,387.79 920.72 503.54 132.59 723.88
Q1 2014 1,394.07 901.15 501.88 174.43 892.75
Q2 2014 1,444.40 926.59 527.50 219.17 1,097.32
Q3 2014 1,455.20 868.24 595.35 171.82 1,023.74
Q4 2014 1,427.35 1,032.33 628.39 188.93 776.42
Q1 2015 1,448.95 1,041.10 566.42 166.74 1,224.33
Q2 2015 1,522.94 1,034.67 528.51 183.19 1,013.61
Q3 2015 1,533.85 1,062.65 545.05 160.03 1,011.26
Q4 2015 1,854.84 1,002.57 546.46 181.42 857.08
Q1 2016 1,970.14 1,040.62 536.42 159.51 1,017.29
Q2 2016 1,985.35 1,054.82 589.90 147.36 882.82
Q3 2016 1,967.03 1,104.46 602.84 114.20 874.28
Q4 2016 1,782.46 1,186.84 501.03 159.65 970.39
Q1 2017 1,938.41 1,235.61 388.22 163.66 1,133.92
Q2 2017 1,924.73 1,042.93 393.30 144.16 973.23
Q3 2017 2,106.64 842.25 405.84 154.12 982.69
Q4 2017 2,171.24 973.67 390.38 173.87 806.38
Q1 2018 2,116.90 873.73 371.26 227.59 1,189.77

Analysts Estimates (Million)

Item Q1 2018 (e) Q1 2018 (a) Change‬
Average 2,586.37 2,592.19 0.23 %

Estimates vs Actual (Million)

Item Q1 2018 (e) Q1 2018 (a) Change
Riyad Capital 2,564.00 2,592.19 1.1 %
OSOOL AND BAKHEET 2,757.10 2,592.19 (6.0) %
Sico 2,438.00 2,592.19 6.3 %


Financial Ratios
Current
Market Cap (M Riyal) 196,500.00
Shares Outstanding ((M)) 6,000.00
EPS ( Riyal) (TTM) 3.43
EPS Diluted ( Riyal) (TTM) 3.34
Book Value (BV) ( Riyal) 27.98
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 9.54
P/E (TTM) 9.54
Price/book 1.17
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 12.8
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Share Price

The Saudi National Bank
32.75
(0.25) (0.76 %)

The Saudi National Bank (SNB)

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