The Saudi Investment Bank (SAIB) reported a net profit of SAR 213 million in Q1 2021, up 53% compared to a profit of SAR 151 million in Q1 2020.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Net Special Commission Income | 582.71 | 542.96 | (6.8 %) |
| Operating Income | 717.72 | 635.08 | (11.5 %) |
| Debt Provisions | (224.98) | (64.84) | 71.2 % |
| Net Income | 150.71 | 213.50 | 41.7 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.12 | 0.17 | 41.7 % |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Net Special Commission Income | 554.27 | 542.96 | (2.0 %) |
| Operating Income | 690.20 | 635.08 | (8.0 %) |
| Debt Provisions | (68.45) | (64.84) | 5.3 % |
| Net Income | 265.21 | 213.50 | (19.5 %) |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.21 | 0.17 | (19.5 %) |
The rise was attributed to a decrease in total operating expenses, driven by lower provisions for credit and other losses, other general and administrative expenses, salaries and employee-related expenses, rent and premises related expenses, and depreciation and amortization.
This was offset by an increase in provisions for Zakat and tax.
Meanwhile, total operating income decreased by 12% primarily due to a decrease in net special commission income.
| Item | 3m 2020 | 3m 2021 | Change |
|---|---|---|---|
| Assets | 100.80 | 96.27 | (4.5 %) |
| Customer Deposits | 67.64 | 56.12 | (17.0 %) |
| Loan | 59.88 | 55.42 | (7.4 %) |
When compared to Q4 2020, the bank’s net profit declined 20% in Q1 2021.
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