Saudi Investment Bank’s profits rise to 1.9 billion riyals by the end of 2024, by 11%

The Saudi Investment Bank’s net profit rose to 1.95 billion riyals by the end of 2024 compared to 1.7 billion riyals in the same period of 2023 by 11%, following the announcement today of the preliminary financial results for the period ending December 31, 2024 (12 months)

Total operating profit amounted to 4.17 billion riyals in 2024 compared to 3.9 billion riyals in the same period of 2023, an increase of 5%.

Earnings per share during the current period amounted to 1.43 riyals, compared to 1.28 riyals in the same period of the previous year.

The bank’s management said in a statement today on “Tadawul” that net income from financing and investment increased by 3.5%, mainly due to the increase in total financing and investment returns. Net profit also increased by 11.1% due to the increase in total operating income, in addition to a decrease in provisions for credit losses and other losses.

The bank added that total operating income grew by 5.3%, mainly due to the increase in net special commission income, fair value through income statement and fees from banking services, partially offset by a decrease in gains on the disposal of debt securities at fair value through other comprehensive income and foreign exchange fees. Total operating expenses increased marginally by 0.4%, mainly due to an increase in other general and administrative expenses, salaries and employee expenses, offset by a decrease in provisions for credit losses and other losses, rent and building expenses, in addition to a decrease in depreciation and amortization.

It explained that some of the previous year’s figures have been reclassified to conform to the current year’s presentation. She continued: “Earnings per share for the two years ending December 31, 2024 and 2023 were SAR 1.43 and SAR 1.28 respectively, which were calculated by dividing the adjusted net profit after the cost of Tier 1 Sukuk by 1.247 million shares and 1.250 million shares respectively, representing the weighted average of issued and outstanding shares after taking into account the effect of issuing 250 million bonus shares in addition to the effect of purchasing 2.7 million treasury shares. The average outstanding shares have been adjusted retrospectively.