SAIB profit jumps 43% to SAR 408.9 mln in Q1 2023

01/05/2023 Argaam Exclusive

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The Saudi Investment Bank (SAIB) posted a 43% leap in Q1 2023 net profit to SAR 408.9 million, compared to SAR 287 million in the prior-year period.  



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Net Special Commission Income 589.16 845.01 43.4 %
Operating Income 717.14 962.93 34.3 %
Debt Provisions (37.76) (81.35) (115.4 %)
Net Income 287.02 408.91 42.5 %
Average Shares 1,250.00 1,250.00 -
Earnings Per Share before unusual items (Riyals) 0.23 0.33 42.5 %
EPS (Riyals) 0.23 0.33 42.5 %
EPS Diluted (Riyal) 0.22 0.31 43.5 %

The profit rise was spurred by a 33.8% year-on-year (YoY) increase in total operating income, mainly due to higher net special commission income, exchange income, fair value through profit and loss as well as gains on disposals of FVOCI debt securities.

 

On the other hand, total operating expenses (OpEx) increased by 31.3% YoY primarily on higher other general and administrative expenses, provisions for credit and other losses, salaries and employee-related expenses, as well as depreciation and amortization.

 

Compared to Q4 2022, the bank’s net profit climbed 16.8% from SAR 350.2 million, thanks to a 4.6% YoY rise in operating income and a drop of 20.7% YoY in OpEx.

 

Shareholders’ equity, no minority interest, edged up to SAR 14.06 billion as of March 31, 2023, from SAR 14 billion a year earlier.

Balance Sheet (B)

Item 3m 2022 3m 2023 Change‬
Assets 109.26 121.90 11.6 %
Customer Deposits 68.35 79.22 15.9 %
Loan 59.94 73.63 22.8 %

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Share Price

Saudi Investment Bank
14.88
(0.14) (0.93 %)

Saudi Investment Bank (SAIB)

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Financial Ratios
Current
Market Cap (M Riyal) 18,600.00
Shares Outstanding ((M)) 1,250.00
EPS ( Riyal) (TTM) 1.61
EPS Diluted ( Riyal) (TTM) 1.48
Book Value (BV) ( Riyal) 12.42
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 9.22
P/E (TTM) 9.22
Price/book 1.20
Return on Average Assets (%) (TTM) 1.3
Return on Average Equity (%) (TTM) 13.4
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