SAIB profits rise to SAR 443.8 mln during Q2 by 38.3%

The Saudi Investment Bank announced on Thursday an increase in net profit during the second quarter to SAR 443.8 million, compared to SAR 320.7 million in the same quarter of last year, by 38.3 percent. This came after today’s announcement of the preliminary financial results for the period ending on 06-30-2023 (six months).

The total profit from operations in the second quarter amounted to SAR 989.3 million, compared to SAR 772.5 million in the same quarter of the previous year, with a growth of 28%.

The net profit of the bank during the 6-month period amounted to SAR 852.7 million, compared to SAR 607.7 million in the same period of the previous year, an increase of 40.3%.

Ownership rights “without non-controlling interests” amounted to SAR 13.9 billion in the current period, compared to SAR 13.5 billion in the same period last year, an increase of 3.4%.

Earnings per share in the current period reached SAR 0.77, compared to SAR 0.56 in the same period last year.

Net profit increased by 38.4% due to an increase in total operating income.

Total operating income increased by 28.1%, primarily due to an increase in net special commission income, exchange income, fee income from banking services, gains on disposals of FVOCI debt securities and fair value through profit and loss.

Total operating expenses increased by 23.6% primarily due to an increase in other general and administrative expenses, provisions for credit and other losses, salaries and employee-related expenses, rent and premises-related expenses and depreciation and amortization.

Net profit increased by 8.5% due to an increase in total operating income and a decrease in total operating expenses.

Total operating income increased by 3.1% primarily due to an increase in net special commission income, fee income from banking services and fair value through profit and loss, which was offset by a decrease in gains on disposals of FVOCI debt securities and exchange income.

Total operating expenses decreased by 3.3% primarily due to a decrease in other general and administrative expenses, salaries and employee-related expenses, provisions for credit and other losses and depreciation and amortization, which was offset by an increase in rent and premises related expenses.

Net profit increased by 40.3% due to an increase in total operating income.

Total operating income increased by 30.8% primarily due to an increase in net special commission income, exchange income, gains on disposals of FVOCI debt securities and fair value through profit and loss, which was offset by a decrease in fee income from banking services.

Total operating expenses increased by 27.4% primarily due to an increase in other general and administrative expenses, provisions for credit and other losses, salaries and employee-related expenses, depreciation and amortization and rent and premises related expenses.