samba financial group · 2020-06-28 · samba financial group investor presentation q1 2020 results...
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Samba Financial Group
Investor Presentation
Q1 2020 ResultsJune, 2020
The information contained in this document and any other information presented or discussed inconnection therewith (together, the “Information”) is being provided on basis concerning SambaFinancial Group (Company). Please refer to slide no 29 for important disclaimers and relatedinformation.
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Table of Contents
Samba Financial Group Profile
Key Financial Highlights Q1 2020
Strategy and Transformation update
Environment and Forward looking guidance
Appendix: Balance Sheet & Income Statement
Covid 19 Response
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Table of Contents
Samba Financial Group Profile
Key Financial Highlights Q1 2020
Strategy and Transformation update
Environment and Forward looking guidance
Appendix: Balance Sheet & Income Statement
Covid 19 Response
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Profile
Shareholding includes Al-Raidah with PPA and Hassana with GOSI
Samba Financial Group (“Samba” or the “Bank”) is a leading bank established in 1980 as the Saudi American Bank, later renamed Samba Financial Group in 2003
A well diversified and shariah compliant franchise which operates through following four segments and led by an experienced and cohesive management team:
(i) Consumer Banking, (ii) Corporate Banking, (iii) Treasury and (iv) Investment Banking
Forerunner in corporate, consumer, private & priority banking, ATMs, Debit & Islamic Credit Cards, Derivatives etc. in KSA
Has major market share both in assets and deposits in Saudi Banking Industry
A sound corporate governance structure is in place in line with global standards, which oversees the operations of the bank
A1 A+ BBB+ A-
1.942.20
2.43
Q1 2018 Q1 2019 Q1 2020
+11%
1.311.22
1.45
Q1 2018 Q1 2019 Q1 2020
+19%
Net Income (before Zakat / Tax), SAR bnTotal Operating Income, SAR bnShareholding
SAR
148 BLoans
SAR
267 BAssets
SAR
178 BDeposits
SAR
91 BInvestments
3,629Employees
SAR
45 BEquity
73Branches
538ATMs
General Public PPA
PIF GOSI
10.09%
14.74%
22.91%52.26%
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Overview
Total Assets, SAR bn Total Performing Loans and Advances, SAR bn
Total Net Investments, SAR bn Total Funding, SAR bn
116.0 115.0147.8
61.0 75.9
91.443.8 32.0
Q1 2018
8.1
Q1 2020
17.08.2
Q1 2019
10.9228.9 231.1
267.1+16%
17.5
Q1 2019
19.3
18.3
Q1 2018
99.2 98.7129.5
Q1 2020
117.5 116.2
148.8
+28%
19.7
61.3
13.2
Q1 2019
47.8
14.7
Q1 2018
71.7
Q1 2020
61.0
76.0
91.4+20%
172.3 170.2 177.7
43.6 42.7 44.9
26.49.2 11.7
3.9
Q1 2018 Q1 2019
6.5
Q1 2020
228.9 231.1267.1
7.810.3
+16%
Consumer loans and Credit cards
Commercial loans and advances
Other Assets
Cash and balances with Central Banks and FIs
Investments, net
Loans and Advances, net
International
Domestic
Other Liabilities
Customer deposits
Equity
Due to banks andother Financial Institutions
Term loan and debt securities
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Table of Contents
Samba Financial Group Profile
Key Financial Highlights Q1 2020
Strategy and Transformation update
Environment and Forward looking guidance
Appendix: Balance Sheet & Income Statement
Covid 19 Response
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Covid-19; People safety, customers and community support, and operations continuity
People and Workplace
Safety
Customers Support
Community Support
Donated SAR 16.5Mn to the healthcare endowment fund
Donated SAR 10.3Mn to the social charity fund
Awareness campaign on social media
All corporate, MSME, Private and Priority clients were called to check on their needs and inform them that Samba is available for them
Availed support provided from SAMA and provided liquidity to clients
Digital solutions and products offering were availed to support clients; 94% of transactions performed digitally
Most employees worked from home during peak of curfew enabled by remote working environment
Branch network operated at reduced capacity (i.e. only 40 branches were open across all three regions), now coming back to normal
Ensured the supply of necessary masks and sterilization tools in all workplaces
Availability of nurses across all locations, Thermal camera’s installed
Supported staff who were stuck overseas as well as their families
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Covid-19; Regulatory compliance, Portfolio risk management and post covid strategy
Portfolio risk management
Evaluated impact on impairments by sector/customer
Proactively restructured loans of customers severely impacted by Covid-19
Refined the business plan in the wake of COVID-19; interest rate cuts, oil prices impact
Maintaining strong liquidity profile and highly liquid asset portfolio
Regulatory Compliance
Full compliance with all SAMA guidelines (e.g. 3 month instalment waiver provided to Health Care sector workers, 6 month extension of loan instalments to MSME sector, fee waivers)
Compliance with CMA guidelines and circulars (e.g. suspension of freezing investment accounts, extending submission deadlines for certain reports)
Strategic implications of
Covid-19
Determined impact on 2020 budget and rebase our 3 years strategy e.g.,
• Optimize non-personnel expenditure
• Manage and strengthen funding capacity
• Accelerate delivery of digital initiatives
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Table of Contents
Samba Financial Group Profile
Key Financial Highlights Q1 2020
Strategy and Transformation update
Environment and Forward looking guidance
Appendix: Balance Sheet & Income Statement
Covid 19 Response
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Income statement: Key Metrics
SAR Millions
1. Includes net income from investment held in FVIS + net trading income + net gain in FVOCI debt + net other operating income
QoQ GrowthX
Q1 2019 Q4 2019 Q1 2020
Q1’20 vs Q1’19
growth
Other Income, net1 166 89 460
Provision for Credit Impairment, net 321 231 183
Zakat and Income Tax 157 223 180
Special Commission Income, net 1,646 1,559 1,562 -5% 0%
Fees, Commission and Exchange Income, net 383 391 409 7% 5%
Total Operating Income 2,195 2,039 2,431 11% 19%
Total Operating Expenses 652 820 795 22% -3%
Pre-provision Income 1,543 1,219 1,636 6% 34%
Net Income, before Zakat and Taxation 1,222 988 1,453 19% 47%
Net Income, after Zakat and Taxation 1,065 765 1,273 20% 67%
Q1’20 vs Q4’19
growth
Income
Statement
figures
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Balance sheet: Key Metrics
SAR Billions
Retail Loans and Advances
Investments, net 76 85 91 20% 7%
Loans and Advances, net 115 142 148 29% 5%
Commercial Loans and Advances 98 124 129 32% 4%
1.38 1.43 1.30 Credit Cards -5% -8%
Consumer Loans 16 17 18 12% 5%
Deposits 170 180 178 4% -1%
Demand Deposits 93 94 98 6% 5%
Saving & Time Deposits 71 81 74 3% -9%
Others Deposits 6 5 6 10%2%
Q1 2019 Q4 2019 Q1 2020
Q1’20 vs Q1’19
growth
Q1’20 vs Q4’19
growth
Quarter
End
Balances
QoQ GrowthX
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Income Statement Analysis
Management Analysis Net Income before Zakat and Tax, SAR mn
Net Interest Margin, % Net Fees, Commissions and Exchange income, SAR mn
Samba is performing strongly despite COVID-19, oil prices and low interest rate challenges
Net Income increased due to higher revenues as a result of increased cross sell and lower provisions compared to same period last year
Compression in NIM, driven by reduction in interest rates
Well diversified income generation sources
1,2221,453
Q1 2019 Q1 2020
+19%
988
1,453
Q4 2019 Q1 2020
+47%
2.5%
Q1 2019 Q1 2020
3.2%
-70bps
2.9%
Q4 2019 Q1 2020
2.5% -40bps383 409
Q1 2019 Q1 2020
+7%
391 409
Q4 2019 Q1 2020
+5%
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Income Statement Analysis: Key Ratios
Management Analysis Return on Average Assets1, %
Return on Average Equity1, % Cost to Income Ratio, %
Uptake in returns, driven by increase in cross sell, lower provisions and reduction in cost base
Cost to income ratio is one of the best in the industry
In 2020, the bank will maintain focus on cost control
1. Calculated on continuous quarterly accumulated basis, Annualized
Q1 2019 Q1 2020
1.95%1.85% +10bps
Q1 2020Q4 2019
1.64%1.95%
+31bps
11.31%
Q1 2019 Q1 2020
10.04% +127bps
Q1 2020Q4 2019
9.09%
11.31%
+222bps
Q1 2019
29.7%
Q1 2020
32.7%+300bps
32.7%
Q4 2019
33.45
Q1 2020
-75bps
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Balance Sheet Analysis
Management Analysis Balance Sheet, SAR bn
Loans to Deposit Ratio1, % Loans and Deposits, SAR bn
Balance sheet grew more than 15% on the back of strong growth in loans and investments
High asset quality as majority of growth driven by government bonds and collateralized lending
Solid liquidity position, one of the best in industry
Q1 2019
180
Q1 2020
115
170148
178
Q4 2019
142
1. Net Loans / (Customer Deposits + Term Loans + Debt Securities in Issue)
Net Loans Customer Deposits
Assets
15.6%231,111
Q1 2019
267,083
Q1 2020
Equity
5.0%42,735
Q1 2019
44,870
Q1 2020
Q1 2020Q1 2019
67.6%79.7% 76.1%
Q4 2019 Q1 2020
79.7%
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Balance Sheet – Funding Analysis
Management Analysis Funding Breakdown, SAR bn
Net Loans & Advances vs Core Funding1, SAR bn
Samba has ample liquidity to support its customers’ loan growth requirements
About 58.5% of the customer deposits are non-interest bearing and granular in nature, allowing a favorable deposits mix.
Under USD 5bn EMTN program, Samba raised an additional USD 500mn in Jan 2020
Q4 2019
148
Q1 2019
142
231
Q1 2020
213
115
230
1. Core Funding = Customer Deposits + Term Loans + Debt Securities in Issue + Equity
Net Loans Core Funding
Q1 2018 Q1 2019 Q1 2020
Loans & Adv Net / Core Funding1 53.8% 54.1% 64.2%
IB Borrowing / Total Liabilities 2.1% 3.4% 11.9%
Customer Deposits EquityInter-bank Deposits Other LiabilitiesTerm loans and debt securities
Q1 2020
Q1 2019
45
8
26
178
10
170
6
12
43
Total: 267
Total: 231
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Balance Sheet – Liquidity Analysis
Management Analysis Liquidity Analysis, %
Assets Maturity Profile
Samba has a high proportion of total liquid assets accounting for 22% of total balance sheet assets
Strong Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) profile, well above the SAMA thresholds of 100% for LCR and NSFR
22%
13%
21%
34%
10%
Q4 2019
Over 5 years
3-12 months
within 3 months
1-5 years
No maturity
233%242%
260%271%
259%
229%
131% 137%129% 130% 130% 129%
Q2’19Q4’17 Q3’19Q4’18 Q1’19 Q4’19
100
LCR NSFR
SAMA Threshold
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Balance Sheet – Risk Management
NPLs/Gross Loans (Portfolio Infection ratio), %
NPL Coverage Ratio, %
Management Analysis
Asset quality remains strong, underpinned by a low infection ratio and high coverage ratio
Proactive risk classification & management – One of the lowest infection ratio of 1.4% in the industry
Samba has robust credit evaluation system which is corroborated by historical performances
The strong capital position has helped the bank maintain a stable dividend policy
Slight reduction in Equity in Q1 20 is primarily due to transfer of 2019 final dividend to a liability account and reduction in value of other valuation reserves
Q2,’18 Q3,’19Q3,’18
1.4%
Q1,’18 Q4,’18 Q1,’19
1.3%
Q4,’19Q2,’19 Q1,’20
1.1% 1.2%1.5% 1.5% 1.5%
1.3% 1.4%
1. Calculated on continuous quarterly accumulated basis
Credit Impairment/Average Loans1, %
0
300
100
200 175% 150%212%
167%201%180% 168%
Q1,’19
161% 150%
Q1,’18 Q2,’18 Q3,’18 Q4,’18 Q2,’19 Q3,’19 Q4,’19 Q1,’20
0
2
1
1.37%
Q2’18
1.12%
0.04%
Q1’18
0.15%0.11%
Q3’18
0.13%
Q4’18 Q4’19Q1’19 Q2’19 Q1’20
0.97%
Q3’19
0.86% 0.50%
Tier 1 + Tier 2 Capital Ratio, %
23.3% 22.7% 22.7% 22.4% 22.8% 21.8% 21.1% 19.0%
0
10
20
30
Q3,’19 Q4,’19Q4,’18Q3,’18 Q1,’19Q2,’18 Q2,’ 19 Q1,’20
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Table of Contents
Samba Financial Group Profile
Key Financial Highlights Q1 2020
Strategy and Transformation update
Environment and Forward looking guidance
Appendix: Balance Sheet & Income Statement
Covid 19 Response
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Summary of Samba’s Strategy and Transformation Themes
&Transform the core… …digitize
Operations simplification
(e.g., lean product and credit processes)
Value propositions
(e.g., revamping SME and Private Banking)
Organization & performance management
(e.g., business org re-structuring, KPI setting, new
coverage teams, target cascade process)
Sales productivity
(e.g., account planning, branch transformation)
Enhanced productivity
(e.g., digital RM workbench, automated lead generation)
Customer journey re-imagination
(e.g., digital customer journeys, automated approvals)
Ramp-up new digital propositions
(e.g., tech enabled and personalized propositions)
Digital performance management
(e.g., automated unit-level and individual target setting)
Health
(leadership, transparent communication, accountability)
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Transform the core
Management Analysis Key achievements
Corporate Banking; Cross-sell, pricing improvement, risk management
Consumer Banking; Mortgages, Sales infrastructure, Digital operating model
Treasury: Strong presence in primary and secondary markets, maintain solid liquidity and funding profile
Samba Capital: Innovative wealth management product solutions, leverage large customer base of bank
Corporate Banking; 30% increase in assets, significant improvement in cross-sell
Consumer Banking; 5.7x increase in mortgages sold per month vs. same time last year
Treasury: 20% increase in total investments, USD 500Mn raised in January 2020 as part of EMTN program
Samba Capital: 18% increase in operating income driven by uptake in Investment Banking activities
Corporate Banking Total
Assets, SAR bn
Consumer Banking Monthly
mortgages sold, #
Treasury Total Investments,
SAR bn
Samba Capital Operating
Income, SAR mn
70
400
Q1 2019 Q1 2020
5.7x
98
127
Q1 2019 Q1 2020
+30%
7691
Q1 2019 Q1 2020
+20%
147173
Q1 2019 Q1 2020
+18%
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Digitize the core
Strategic priorities
Reinvent customer experience; Increase emotional connection between Samba’s brand and customers
Digital monetization; Create new revenue streams by providing onboarding and acquisition digitally
Venture into new businesses; Build new digital value propositions for emerging segments
Build a culture of innovation; Tap into new technologies & improve digital literacy across organization
Branch Transactions, # Digital Transactions, # Digital Accounts Deposits, SAR mn
Digital Migration
Efficient Expansion
Digital Enablement
Mobile Branch
203,602
158,272
Feb 2020 Mar 2020
-22%
2,023,6112,338,766
Mar 2020Feb 2020
+16%
109
173
Feb 2020 Mar 2020
+60%
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Table of Contents
Samba Financial Group Profile
Key Financial Highlights Q1 2020
Strategy and Transformation update
Environment and Forward looking guidance
Appendix: Balance Sheet & Income Statement
Covid 19 Response
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Saudi Arabia economic impact during past events
Historical Economic data, SAR Billion
Real GDPNominal GDP Fiscal surplus/deficit
Global financial crisis: Nominal GDP declined by 17.4%
(2008 -2009) but recovered to pre-crisis level in 1-2 years
Oil prices slump: Nominal GDP declined by 13.5% (2014-
2015) but recovered to pre-crisis level in 4-5 years
190
618
(87)
71282 331
162
(96)
(388) (416)(240)
(136)
1,949
1,609
2,836
2,454
1,000
2,500
-500
2,000
0
500
1,500
3,000
2006 07 08 09 10 1611 12 13 1514 17 2018
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KSA Banking sector was also impacted differently
-400bps
-36%
-17.4%
-1% (vs 20%+ pre crisis)
11% (vs 20%+ pre crisis)
-39%
3bn
0bps
-50%
-13.5%
9% (vs 12% pre crisis)
2% (vs 10%+ pre crisis)
-4%
3bn
Financial crisis, ’08/’09 Oil price crisis, ’14/’15
Interest rate change, bps
Oil price change, %
Nominal GDP change, %
Deposit growth, %
Revenue growth,%
Loan growth, %
Provisions growth, SAR
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KSA is facing a unique situation
1
2
3
Factors affecting the KSA market currently
Deep interest rate cut driven by US Fed
Depressed consumer and global demand due to COVID-19
Oil price drop due to both demand & supply shocks
The future outlook is uncertain as all three economic levers are severely impacted
however, Saudi banking sector is well positioned to absorb Covid 19 impact
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COVID-19 implications on Samba’s strategic direction
Optimize non-personnel
expenditure
Support retail and
corporate customers
Maintain/Strengthen
funding capacity of bank
Enhance focus on risk
management
Maintain leadership
position in capital ratios
Accelerate delivery of
digital initiatives
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Forward looking guidance
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Q1 2020 Actual Full year 2020 guidance
285-290 Bn
8-10% growth
2.2-2.5%
78-83%
32-34%
55-65bps
1.85-1.95%
Total Assets
Net Loans
NIM
Cost to income ratio
Risk cost
LDR
ROA
11.5-12%ROE
267 Bn
148 Bn
2.5%
79.7%
32.7%
50bps
1.95%
11.31%
19% 17.5-19%CAR
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Conclusion
1
2
3 The bank readjusted its strategy with a clear focus on optimizing non-personnel
expenses, strengthening liquidity and risk management
The bank provided unparallel support to its employees, customers and communities to
soften the impact of Covid 19
Samba Financial Group delivered strong results in Q1 2020 despite of Covid-19, oil
prices and low interest rates challenges
4 For full year 2020, the bank aims to deliver strong results to create shareholder
value and for that purpose a forward looking guidance has been shared
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The Samba Financial Group (SAMBA) prepared this presentation on a proprietary basis as general background information about the activities of SAMBA. The information
contained herein is given in summary form and for discussion purposes only. Some of the information that is relied upon by SAMBA is obtained from sources believed to be
reliable, but SAMBA (nor any of its directors, officers, employees, agents, affiliates or subsidiaries) does not guarantee the accuracy or completeness of such information, and
disclaims all liability or responsibility for any loss or damage caused by any act taken as a result of the information. This presentation including the information covered therein
is not intended either to be relied upon or construed as an advertisement for, or an offer, solicitation or invitation to sell or issue, or to subscribe, underwrite or otherwise acquire
any securities in any jurisdiction. It should and must not be treated as giving tax, legal, investment or other specialist advice or a recommendation to investors or potential
investors and does not take into account the investment objectives, financial situation or needs of any particular investor. Neither shall any part of this information nor the fact of
its distribution form part of or be relied on in connection with any contract or investment decision or commitment relating thereto, nor does it constitute a recommendation
regarding the subject of this presentation.
All statements included in this presentation other than statements of historical facts, including, without limitation, those regarding financial position, business strategy, plans and
objectives of management for future operations (including development plans and objectives) are forward-looking statements and data, and may thus include words like
"anticipate", "believe", "intend", "estimate", "expect", "will", "may", "project", "plan" and such other words of similar meaning. Such forward-looking statements are based on
numerous assumptions regarding present and future business strategies and the relevant future business environment. Any forward-looking statements speak only as of the
date of this presentation and SAMBA expressly disclaims to the fullest extent permitted by law any obligation or undertaking to disseminate any updates or revisions to any
forward-looking statements contained herein to reflect any change in expectations with regard thereto or any change in events, conditions or circumstances on which any such
statement is based. Nothing in the foregoing is intended to or shall exclude any liability for, or remedy in respect of, fraudulent misrepresentation. Due to rounding, numbers and
percentages presented throughout this presentation may not add up precisely to the totals provided.
SAMBA is not under any obligation to update, complete, amend, revise or keep current the information contained herein, and any opinions expressed herein are subject to
change materially without notice. Accordingly, no representation or warranty, express or implied, is or will be made by SAMBA, their respective advisors or any such persons’
directors, officers or employees, or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation, and any reliance
you place on them will be at your sole risk. Investors must rely solely on their own examinations of the Offering and relevant documentation in making a determination as to
whether to invest in the securities described. An investor should seek independent professional advice when deciding if an investment is appropriate. Securities that may be
discussed herein may not be suitable for all investors. Investors are required to make their own independent investigation and appraisal of the business and financial condition
of SAMBA and its subsidiaries, the nature of the securities and the merits or suitability of the securities or any transaction to any investor’s particular situation and objectives,
including the possible risks and benefits of purchasing any securities. Any such determination should involve an assessment of the legal, tax, accounting, regulatory, financial,
credit or other related aspects of the offering or the securities. Without prejudice to the foregoing, SAMBA, their advisors and any such persons’ directors, officers or employees
expressly disclaim any liability whatsoever, in negligence or otherwise, for any loss howsoever arising, directly or indirectly, from use of, or reliance on, this presentation or its
contents or otherwise arising in connection therewith.
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Disclaimer
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Q&A
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Table of Contents
Samba Financial Group Profile
Key Financial Highlights Q1 2020
Strategy and Transformation update
Environment and Forward looking guidance
Appendix: Balance Sheet & Income Statement
Covid 19 Response
Public
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Balance Sheet – Assets
Gross Loans and Advances
Held for fair value through income statement (FVIS)
Held at fair value through other comprehensive income
Other at Amortized Cost1
Investments, net
Derivatives
Property and Equipment, net
Other Assets
Total Assets
Net Loans & Advances, net
117,917 144,695 150,879
5,519 6,100 6,301
59,649 65,292 71,444
10,758 13,621 13,642
75,926 85,013 91,387
3,721 3,092 5,357
3,141 3,067 3,106
1,261 1,070 2,393
231,111 255,604 267,083
115,054 141,595 147,822
(2,863) (3,100) (3,057) Credit Impairment Provision
Amounts in SAR millions Q1 2019 Q4 2019 Q1 2020
Cash and balances with Central Banks 21,007 18,138 12,496
Due from Banks and other Financial Institutions 11,001 3,628 4,523
1. Adjusted to credit impairment provision
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Balance Sheet – Liabilities & Equity
93,107 93,715 98,246
7,881 7,563 7,865
63,505 73,669 65,821
5,674 5,219 5,777
170,167 180,166 177,710
6,449 15,647 26,441
- 3,746 5,652
9,523 7,236 8,702
188,376 210,155 222,213
20,000 20,000 20,000
17,193 18,348 18,348
1,678 2,882 2,364
4,764 3,697 5,034
93 90 89
42,735 45,449 44,870
231,111 255,604 267,083
Amounts in SAR millions Q1 2019 Q4 2019 Q1 2020
Customer Deposits
Demand
Other
Total Due to Banks and other Financial Institutions
Debt securities in issue
Other Liabilities
Total Liabilities
Share capital
Statutory reserves
General and other reserves
Time
Savings
Proposed Dividend
Retained earnings
Non Controlling Interest
Total Equity
Total Liabilities and Equity
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- 2,168 2,167Term Loan
2,237 1,192 1,540Derivatives
42,642 45,359 44,781 Equity attributed to Equity holders of Bank
(993) (962) (964)Treasury Stocks
- 1,394 -
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Income Statement
Amounts in SAR millions Q1 2019 Q4 2019 Q1 2020
2,132 2,105 2,156 Special Commission Income
486 546 593 Special Commission Expense
1,646 1,559 1,562 Net Special Commission Income, net
316 313 326 Fee and Commission Income, net
67 78 83Exchange Income, net
72 16 361 Income from Investments, net1
19 16 27 Other Operating Income
549 479 869 Non Interest Income
2,195 2,039 2,431 Total Operating Income
(332) (435) (415) Salary and Employee related Expenses
(75) (103) (79) Rent and Premises related Expenses
(47) (64) (59) Depreciation
(198) (217) (241) Other General and Administrative Expenses
(652) (820) (795) Total Operating Expenses before credit Impairment Provision
(321) (231) (183) Provision for Credit Losses
(157) (223) (180) Zakat and Taxation
1,065 765 1,273Net Income
75 56 71Trading Income, net
(973) (1,051) (977) Total Operating expenses
1. Income from Investment held at FVIS, net + Gain on FVOCI debt, net
1,222 988 1,453Net Income before Zakat and Taxation
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Thank You