SAIB net profit surges 49% to SAR 1.157 bln in 9M 2022, Q3 doubles to SAR 550 mln

27/10/2022 Argaam Exclusive

Saudi Investment Bank (SAIB) reported a net profit of SAR 1.157 billion in the first nine months of 2022, a 49% increase from SAR 775.6 million in the year-ago period, driven by higher gross operating income and lower gross operating expenses.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Net Special Commission Income 1,724.42 2,019.25 17.1 %
Operating Income 2,029.34 2,347.81 15.7 %
Total Provisions (225.61) 57.65 125.6 %
Net Income 775.61 1,157.63 49.3 %
Average Shares 1,250.00 1,250.00 -
EPS (Riyals) 0.62 0.93 49.3 %

The profit increase was driven by higher gross operating income and lower gross operating expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Net Special Commission Income 595.05 757.88 27.4 %
Operating Income 680.24 858.21 26.2 %
Debt Provisions (51.03) 149.02 392.0 %
Net Income 274.35 549.97 100.5 %
Average Shares 1,250.00 1,250.00 -
EPS (Riyals) 0.22 0.44 100.5 %

In Q3 2022, the net profit doubled year-on-year (YoY) to SAR 550 million from SAR 274.3 million.

 

Sequentially, SAIB’s Q3 net profit rose 71.5% from SAR 320.7 million.

 

Shareholders’ equity, excluding minority interest, fell to SAR 13.293 billion as of Sept. 30, 2022, from SAR 14.688 billion in the year-earlier period.

Balance Sheet (B)

Item 9m 2021 9m 2022 Change‬
Assets 99.64 106.54 6.9 %
Customer Deposits 60.89 67.60 11.0 %
Loan 58.29 64.67 10.9 %

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Share Price

Saudi Investment Bank
13.14
(0.04) (0.30 %)

Saudi Investment Bank (SAIB)

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Financial Ratios
Current
Market Cap (M Riyal) 16,425.00
Shares Outstanding ((M)) 1,250.00
EPS ( Riyal) (TTM) 1.52
EPS Diluted ( Riyal) (TTM) 1.39
Book Value (BV) ( Riyal) 12.27
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 8.67
P/E (TTM) 8.67
Price/book 1.07
Return on Average Assets (%) (TTM) 1.3
Return on Average Equity (%) (TTM) 13.0
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