SAIB profit rises 10% to SAR 1.44B in 9M 2024; Q3 at SAR 517.8M

The Saudi Investment Bank (SAIB) reported a net profit of SAR 1.44 billion in the first nine months of 2024, a 10% rise from SAR 1.31 billion a year earlier.

The annual profit growth came as the gross operating income soared by 4.4% during the nine-month period, primarily due to the increased fair value through statement of income, net special commission income and fee income from banking services.

However, this upturn was partially capped by the decrease in gains on the disposal of debt securities at fair value through other comprehensive income (FVOCI) and foreign exchange (FX) income.

Further, the net provision for expected credit losses and other losses contracted by 15.5% for the first nine months of the year, mainly due to a drop in the provision for loans and advances.

In addition, total operating expenses grew by 1.1% for the same period, on higher general and administrative expenses, salaries and employee-related expenses and depreciation & amortization.

In Q3 2024, net profit was 12% higher at SAR 517.8 million, compared with SAR 461.64 million a year earlier.

Sequentially, the three-month bottom line rose 6.5% from SAR 486.38 million in Q2 2024.

Shareholders’ equity, no minority interest and after excluding sukuk, increased to SAR 15.33 billion as of Sept. 30, 2024, from SAR 13.82 billion in the year-earlier period.

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