RESEARCH January 2012 Financials USD mn Income Statement Special Commission Income Net Commission Income Loan Loss Provision Net Income Balance Sheet Cash Loans/Advances Deposits Total Assets Total Liabilities Total Shareholder's Equity
2006
2007
2008
2009
2010
2011E
2012E
1,135 538 24 802
1,316 611 11 723
1,413 752 25 748
1,091 814 153 659
943 818 91 747
990 869 32 832
1,109 957 26 905
906 13,636 16,535 21,224 18,716 2,508
2,708 15,962 19,738 26,619 23,621 2,998
1,540 21,567 24,747 33,568 29,822 3,746
3,369 20,887 24,333 32,157 27,961 4,196
2,897 21,596 24,944 32,862 28,061 4,802
3,362 24,426 26,965 36,954 31,715 5,239
3,769 27,381 29,688 41,425 35,762 5,663
-3.15 -1.67 85.84 15.70 2.05 -22.82 -11.94 -4.20 12.00 28.71 11.96 1.88 0.91 5.80 0.27 41 29 340 5% 7,887
3.40 2.51 86.58 15.56 2.27 -13.50 13.37 2.19 14.43 28.61 11.55 1.80 1.03 6.64 0.27 45 25 299 4% 8,621
13.10 8.10 90.58 15.89 2.25 4.91 11.42 12.45 9.10 30.20 10.05 1.49 1.15 7.24
12.10 10.10 92.23 15.98 2.18 12.10 8.74 12.10 8.10 30.23
Analytics Loans Growth (%) Deposits Growth (%) Loan/Deposits (%) Return on Equity (%) Return on Assets (%) Revenue Growth (%) Earnings Growth (%) Assets Growth (%) Equity Growth (%) Cost-to-Income (%) P/E Price/Book EPS (USD) BVPS (USD) DPS (USD) Market Price (SAR) Annual Trading Volume (mn) Annual Trading Value (USD mn) Turnover Velocity M Cap (USD mn)
18.97 17.05 35.12 21.34 19.37 25.38 82.47 80.87 87.15 31.97 24.12 19.97 3.78 2.72 2.23 41.36 15.90 7.38 35.72 -9.84 3.49 17.90 25.42 26.11 35.72 19.52 24.97 21.36 25.61 34.19 15.48 24.01 9.04 4.95 5.79 1.81 1.11 1.00 1.03 3.47 4.15 5.18 0.28 0.36 0.27 64 90 35 62 47 54 1,290 730 814 9% 5% 7% 12,420 16,804 6,761 Source: Reuters Knowledge, Company Accounts, Markaz Research
40 34 447 5% 7,907
Risk Metrics 6M
1Y
2Y
3Y
5Y
Monthly return stats Average Monthly Return
-3.52%
-1.40%
-0.37%
-0.55%
-0.42%
Highest Monthly Return
-0.65%
18.14%
18.14%
19.35%
29.33%
Lowest Monthly Return
-8.29%
-15.35%
-15.35%
-17.99%
-25.92%
Largest Losing Streak (# of Months) % of Negative Months
6
6
6
6
6
100%
75%
67%
64%
57%
Maximum Drawdown*
-16%
-20%
-20%
-20%
-61%
Standard Deviation
9.00%
28.72%
24.89%
30.36%
35.81%
%Change in MVX *Largest decline from a previous high Source: Reuters, Markaz Research
-20%
-28%
11%
-76%
-36%
Kuwait Financial Centre “Markaz�
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