SAIB’s H1 2022 profit rises 21% to SAR 607.7 mln; Q2 jumps 11.4% to SAR 320.7 mln

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.

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.

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.

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