Saudi Investment Bank (SAIB) reported a net profit of SAR 607.7 million in the first six months of 2022, a jump of 21% from SAR 501.3 million in the year-earlier period.
This was driven by a 10.4% year-on-year (YoY) increase in total operating income, primarily due to higher net special commission income, in addition to a 0.8% drop in gross operating expenses due to lower provisions for credit and other losses.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,124.84 | 1,261.38 | 12.1 % |
| Operating Income | 1,349.10 | 1,489.60 | 10.4 % |
| Total Provisions | (174.58) | (91.37) | 47.7 % |
| Net Income | 501.27 | 607.67 | 21.2 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.40 | 0.49 | 21.2 % |
The bank’s H1 2022 earnings growth was offset by a surge in general and administrative (G&A) expenses, salaries and employee-related costs, rent and premises-related expenses, as well as depreciation and amortization.
The bank’s Q2 2022 net profit increased by 11.4% YoY to SAR 320.70 million, as total operating income rose by 7.8%, primarily due to the growing net special commission income. In addition, total operating expenses decreased by 4.6% YoY during the same period.
On a sequential basis, net profit rose 11.7% from SAR 287.02 million in Q1 2022.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Net Special Commission Income | 584.55 | 672.21 | 15.0 % |
| Operating Income | 716.68 | 772.46 | 7.8 % |
| Debt Provisions | (109.73) | (53.61) | 51.1 % |
| Net Income | 287.77 | 320.65 | 11.4 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.23 | 0.26 | 11.4 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Net Special Commission Income | 589.16 | 672.21 | 14.1 % |
| Operating Income | 717.14 | 772.46 | 7.7 % |
| Debt Provisions | (37.76) | (53.61) | (42.0 %) |
| Net Income | 287.02 | 320.65 | 11.7 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.23 | 0.26 | 11.7 % |
| EPS Diluted (Riyal) | 0.23 | 0.26 | 13.0 % |
Total shareholders’ equity, excluding minority interest, stood at SAR 13.511 billion by the end of H1 2022, compared to SAR 13.517 billion in a year earlier.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Assets | 98.41 | 110.80 | 12.6 % |
| Customer Deposits | 59.81 | 67.46 | 12.8 % |
| Loan | 56.30 | 62.26 | 10.6 % |
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