The Saudi Investment Bank (SAIB) has reported a net profit of $319.3 million (SAR 1.2 billion) in the first nine months of the year, marking a 49.25% rise over the same period last year, buoyed by higher operating income.
SAIB's net profit in the third quarter hit $146.3 million (SAR 550 million), a 100.51% jump from the same period a year earlier, the bank said in a bourse filing to the Saudi Exchange Thursday. The bank has attributed the rise in profits to the increase in total operating income and a decrease in total operating expenses. Total operating profit increased by 15.7% to $611.9 million (SAR 2.3 billion) during the first nine months of the year, due to an increase in net special commission income, fair value through profit and loss, and exchange income. This was offset by a decrease in gains on disposals of fair value through other comprehensive income (FVOCI) debt securities, and fee income from banking services, SAIB said. Total operating expenses during the first nine months of the year decreased by 12.7% due to a decrease in provisions for credit and other losses and offset by an increase in other general and administrative expenses, salaries and employee-related expenses. SAIB reported a 16.94% year-on-year growth in net income to $534.6 million (SAR 2.01 billion) in the first nine months of 2022. In the third quarter, net income rose 27.36% to $201.6 million (SAR 757.9 million). Total shareholder's equity dipped by 9.5% to $3.5 billion (SAR 13.3 billion) in the first nine months of the year. Earnings per share for the nine-month period ended September 30, 2022, was $0.29 (SAR 1.10), compared to $0.20 (SAR 0.75) in the same period in 2021.
