SAIB profit up 9% to SAR 928.8M in H1 2024; Q2 at SAR 486.4M

04/08/2024 Argaam Exclusive

The Saudi Investment Bank (SAIB) posted a 9% rise in H1 2024 net profit to SAR 928.8 million, compared to SAR 852.7 million in the prior-year period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Net Special Commission Income 1,712.70 1,721.48 0.5 %
Operating Income 1,956.41 2,017.65 3.1 %
Total Provisions (160.91) (144.13) 10.4 %
Net Income 852.70 928.79 8.9 %
Average Shares 1,250.00 1,250.00 -
EPS (Riyals) 0.68 0.74 8.9 %
EPS Diluted (Riyals) 0.61 0.68 10.7 %

The profit rise was spurred by higher total operating income, mainly due to a rise in net special commission income and foreign exchange income, which was partially offset by lower fee income from banking services and fair value through statement of income.

 

Meanwhile, total operating expenses fell on lower provisions for credit and other losses and other general and administrative expenses, despite the increase in rent and premises-related expenses as well as salaries and employee-related expenses.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Net Special Commission Income 867.69 875.28 0.9 %
Operating Income 993.48 1,022.52 2.9 %
Debt Provisions (79.56) (62.07) 22.0 %
Net Income 443.79 486.38 9.6 %
Average Shares 1,250.00 1,250.00 -
EPS (Riyals) 0.36 0.39 9.6 %
EPS Diluted (Riyal) 0.30 0.34 12.7 %

In Q2 2024, the bank reported a net profit of SAR 486.4 million, an increase of 9.6% compared to SAR 443.8 million in Q2 2023.

 

Sequentially, net profit rose nearly 10% from SAR 442.4 million in Q1 2024.

Balance Sheet (B)

Item 6m 2023 6m 2024 Change‬
Assets 123.59 143.36 16.0 %
Customer Deposits 82.66 95.36 15.4 %
Loan 77.30 90.64 17.3 %

Shareholders’ equity, no minority interest excluding sukuk, increased to SAR 15 billion as of June 30, 2024, from SAR 13.98 billion a year earlier.

 

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Share Price

Saudi Investment Bank
14.28
(0.02) (0.14 %)

Saudi Investment Bank (SAIB)

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Financial Ratios
Current
Market Cap (M Riyal) 17,850.00
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) 9.42
P/E (TTM) 9.42
Price/book 1.16
Return on Average Assets (%) (TTM) 1.3
Return on Average Equity (%) (TTM) 13.0
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