The Saudi Investment Bank’s (SAIB) net profit declined by 58.5% year-on-year (YoY) to SAR 239 million for fiscal year (FY) 2019, as compared to SAR 576 million in FY2018.
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Net Special Commission Income | 2,287.72 | 2,277.89 | (0.4 %) |
| Operating Income | 2,712.73 | 2,818.23 | 3.9 % |
| Total Provisions | (246.97) | (1342.64) | (443.6 %) |
| Net Income | 575.90 | 239.46 | (58.4 %) |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.46 | 0.19 | (58.4 %) |
The decline was attributed to an increase in total operating expenses and higher operating income, the bank said in a bourse filing.
In Q4 2018, the bank entered into a settlement agreement with the GAZT for Zakat claims for periods up to and including 2017. The amount of the settlement was SAR 775.5 million for 2006 to 2017 and SAR 38.9 million for 2005.
The restated 2018 statement of income includes the discounted impact of this settlement of SAR 750.5 million.
The fourth-quarter net loss decreased 84.6% YoY to SAR 69.64 million
| Item | Q4 2018 | Q4 2019 | Change |
|---|---|---|---|
| Net Special Commission Income | 553.66 | 570.69 | 3.1 % |
| Operating Income | 654.73 | 713.59 | 9.0 % |
| Debt Provisions | (3.79) | (448.28) | (11,724.7 %) |
| Net Income | (452.62) | (69.18) | 84.7 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | (0.36) | (0.06) | 84.7 % |
| Item | Q3 2019 | Q4 2019 | Change |
|---|---|---|---|
| Net Special Commission Income | 566.13 | 570.69 | 0.8 % |
| Operating Income | 739.35 | 713.59 | (3.5 %) |
| Debt Provisions | (66.15) | (448.28) | (577.7 %) |
| Net Income | 311.93 | (69.18) | (122.2 %) |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.25 | (0.06) | (122.2 %) |
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Assets | 96.07 | 100.81 | 4.9 % |
| Customer Deposits | 63.69 | 69.06 | 8.4 % |
| Loan | 59.41 | 57.11 | (3.9 %) |
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