SAIB profit rises 14% to SAR 1.31 bln in 9M 2023, Q3 at SAR 461.6 mln

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. 

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. 

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. 

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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