With earnings season in gear, S&P Global Market Intelligence presents a snapshot of recently reported financial results for banks in the Middle East and Africa. This feature excludes previously reported stories.
Saudi British Bank
Saudi British Bank swung to a full-year 2020 net loss of 4.17 billion Saudi Arabian riyals from a year-ago restated profit of 2.74 billion riyals, mainly due to a goodwill impairment charge of 7.42 billion riyals it booked following its merger with Alawwal Bank in June 2019.
The loss per share for the year was 2.01 riyals, compared to EPS of 1.53 riyals a year ago.
Net income from special commissions fell year over year to 6.87 billion riyals from 7.18 billion riyals, as did net fee and commission income, to 1.28 billion riyals from 1.30 billion riyals.
Net provisions for expected credit losses fell to 1.63 billion riyals in 2020 from 2.50 billion riyals a year ago.
The bank booked total operating expenses of 4.21 billion riyals, up on a yearly basis to 3.65 billion riyals.
Arab National Bank
Saudi Arabia-based Arab National Bank posted a year-over-year fall in full-year 2020 net profit to 2.07 billion riyals from 3.02 billion riyals.
Profit per share for the year was 1.38 riyals, compared with 2.02 riyals in 2019.
Net income from special commissions/financing and investments amounted to 4.87 billion riyals, down from 5.55 billion riyals a year ago.
Total operating profit fell over the period to 5.82 billion riyals from 6.73 billion riyals.
Attijariwafa Bank
Morocco-based Attijariwafa Bank SA posted a full-year 2020 net income group share of 3.02 billion dirhams, down from the year-ago 5.82 billion dirhams.
EPS for 2020 stood at 14.38 dirhams, down from 27.71 dirhams a year earlier.
Net banking income increased to 23.86 billion dirhams in 2020 from 23.47 billion dirhams a year ago.
Net interest income rose on a yearly basis to 15.78 billion dirhams from 14.94 billion dirhams, while net fee income fell to 4.77 billion dirhams from 5.15 billion dirhams.
Total operating expenses increased on a yearly basis to 10.62 billion dirhams from 9.68 billion dirhams.
The bank's cost of risk — the main metric for calculating loan loss provisions — stood at 5.45 billion dirhams in 2020, compared to 1.59 billion dirhams a year ago.
Al Baraka Banking Group
Bahrain's Al Baraka Banking Group BSC reported a full-year 2020 net profit attributable to equity shareholders of $66.6 million, down from $105.7 million in 2019.
EPS for the year was 2.90 cents, compared to 6.01 cents a year ago.
Total operating income stood at $1.14 billion in 2020, compared to $967.4 million a year ago.
The bank's net allowances for credit losses or impairments rose year over year to $290.1 million from $121.8 million.
Total operating expenses fell year over year to $560.3 million from $568.2 million.
The lender also said its board recommended not to distribute dividends for 2020.
As of March 2, US$1 was equivalent to 3.75 Saudi Arabian riyals and 8.93 Moroccan dirhams.
