SAIB 2021 net profit up 8% to SAR 1.061 bln; Q4 at SAR 286.1 mln

The Saudi Investment Bank (SAIB) reported a net profit of SAR 1.061 billion for 2021, a rise of 8% from SAR 979.6 million in a year earlier.

The bank attributed the increase in net profit to a drop in total operating expenses (OPEX) and higher net special commission income.

Total OPEX dropped 6.5% year-on-year (YoY), primarily due to a decrease in provisions for credit and other losses, which was offset by an increase in other general and administrative expenses; salaries and employee-related expenses; rent and premises related to expenses, and depreciation and amortization.

Moreover, total operating income decreased by 2.8% YoY on lower fair value through profit and loss; gains on disposals of fair value through other comprehensive income (FVTOCI) debt securities; exchange income, and other income.

The bank reported a rise of 8% in Q4 2021 net profit to SAR 286.1 million, from SAR 265.25 million in the year-ago period.

On a sequential basis, net profit grew by 4.3% from SAR 274.35 million.

Shareholders’ equity, after minority interest, increased 11% to SAR 14.801 billion as on Dec. 31, 2021, from SAR 13.331 billion a year earlier.

The earnings per share (EPS) was calculated based on the new number of shares after raising their total number by 250 million through bonus issue. 

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