Saudi Investment Bank (SAIB) reported a net profit of SAR 714.4 million for the first nine months of 2020, a more than twofold increase year-on-year (YoY), compared to SAR 308.6 million in the same period last year.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,707.20 | 1,767.38 | 3.5 % |
| Operating Income | 2,104.64 | 2,155.93 | 2.4 % |
| Total Provisions | (894.36) | (380.97) | 57.4 % |
| Net Income | 308.64 | 714.35 | 131.5 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.25 | 0.57 | 131.5 % |
The bank attributed the increase in net profit to a decrease in provisions for credit and other losses, rent and premises-related expenses, and other general and administrative expenses.
This was offset by an increase in salaries and employee-related expenses, and depreciation and amortization.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Net Special Commission Income | 566.13 | 575.46 | 1.6 % |
| Operating Income | 739.35 | 724.92 | (2.0 %) |
| Debt Provisions | (66.15) | (57.30) | 13.4 % |
| Net Income | 311.93 | 301.37 | (3.4 %) |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.25 | 0.24 | (3.4 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Net Special Commission Income | 609.21 | 575.46 | (5.5 %) |
| Operating Income | 713.29 | 724.92 | 1.6 % |
| Debt Provisions | (98.70) | (57.30) | 41.9 % |
| Net Income | 262.26 | 301.37 | 14.9 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.21 | 0.24 | 14.9 % |
The bank reported a net profit of SAR 301.4 million for the third quarter of 2020, a 3% YoY decrease, on lower gains on FVOCI debt securities, exchange income, and fair value through profit and loss.
When compared to previous quarter, Q3 2020 net profit grew 14.9% due to lower total operating expenses.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Assets | 96.30 | 98.34 | 2.1 % |
| Customer Deposits | 64.96 | 59.84 | (7.9 %) |
| Loan | 57.63 | 57.72 | 0.2 % |
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