The Saudi Investment Bank (SAIB) reported a net profit of SAR 1.31 billion in the first nine months of 2023, a 14% increase from SAR 1.15 billion in the year-ago period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Net Special Commission Income | 2,019.25 | 2,592.08 | 28.4 % |
| Operating Income | 2,347.81 | 2,953.67 | 25.8 % |
| Total Provisions | 57.65 | (248.34) | (530.8 %) |
| Net Income | 1,157.63 | 1,314.34 | 13.5 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.93 | 1.05 | 13.5 % |
| EPS Diluted (Riyals) | 0.93 | 1.05 | 12.9 % |
Total operating income increased by 25.8% year-on-year (YoY), primarily due to an increase in net special commission income, exchange income, gains on disposals of FVOCI debt securities and fair value through profit and loss, which was offset by a decrease in fee income from banking services.
However, total operating expenses rose by 49.4% YoY on the increase in provisions for credit and other losses, other general and administrative expenses, salaries and employee-related expenses, depreciation and amortization, as well as rent and premises-related expenses.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Net Special Commission Income | 757.88 | 886.88 | 17.0 % |
| Operating Income | 858.21 | 1,004.76 | 17.1 % |
| Debt Provisions | 149.02 | (87.43) | (158.7 %) |
| Net Income | 549.97 | 461.64 | (16.1 %) |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.44 | 0.37 | (16.1 %) |
| EPS Diluted (Riyal) | 0.44 | 0.37 | (15.9 %) |
In Q3 2022, net profit fell 16% YoY to SAR 461.6 million, as total operating income increased by 17.1% YoY on an increase in net special commission income, fee income from banking services, fair value through profit and loss and exchange income, which was offset by a decrease in gains on disposals of FVOCI debt securities.
Sequentially, SAIB’s Q3 net profit increased 4% from SAR 443.79 million.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Assets | 106.54 | 129.83 | 21.9 % |
| Customer Deposits | 67.60 | 85.45 | 26.4 % |
| Loan | 64.67 | 80.20 | 24.0 % |
Shareholders’ equity, no minority interest, fell to SAR 13.82 billion as of Sept. 30, 2023, from SAR 13.29 billion in the year-earlier period.
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