Saudi Investment Bank (SAIB) reported a net profit of SAR 980 million for the fiscal year 2020, more than four-fold increase, compared to SAR 239 million in 2019.
The company attributed the profit rise to a decrease in total operating expenses, due to lower provisions for credit and other losses, general and administrative expenses, as well as rent and premises-related expenses.
This was offset by an increase in salaries and employee-related expenses, depreciation and amortization, and provisions for Zakat and income tax.
The increase in net profit was attributed to a decrease in total operating expenses which was due to a decrease in provisions for credit and other losses, other general and administrative expenses, as well as rent and premises related expenses.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Net Special Commission Income | 2,277.89 | 2,321.65 | 1.9 % |
| Operating Income | 2,818.23 | 2,846.13 | 1.0 % |
| Total Provisions | (1342.64) | (449.41) | 66.5 % |
| Net Income | 239.46 | 979.56 | 309.1 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.19 | 0.78 | 309.1 % |
SAIB turned to a net profit of Zakat and tax of SAR 265.7 million in Q4 2020 compared to a net loss of SAR 69 million in the same period a year ago.
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Net Special Commission Income | 570.69 | 554.27 | (2.9 %) |
| Operating Income | 713.59 | 690.20 | (3.3 %) |
| Debt Provisions | (448.28) | (68.45) | 84.7 % |
| Net Income | (69.18) | 265.21 | 483.4 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | (0.06) | 0.21 | 483.4 % |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Net Special Commission Income | 575.46 | 554.27 | (3.7 %) |
| Operating Income | 724.92 | 690.20 | (4.8 %) |
| Debt Provisions | (57.30) | (68.45) | (19.5 %) |
| Net Income | 301.37 | 265.21 | (12.0 %) |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.24 | 0.21 | (12.0 %) |
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Assets | 100.81 | 99.88 | (0.9 %) |
| Customer Deposits | 69.06 | 60.14 | (12.9 %) |
| Loan | 57.11 | 55.07 | (3.6 %) |
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