Saudi Investment Bank to Raise Assets to SAR 125 bln, says CEO

The Saudi Investment Bank (SAIB) is seeking to grow its assets to SAR 125 billion from SAR 88 billion, the bank’s CEO said.

SAIB’s more efficient use of operational capital is the driving factor behind the growth of profits, Musaad Al-Mineefy told CNBC Arabia in an interview Wednesday. He added that it’s also behind the rise of assets to equity by eight times.

The bank currently 100 percent of Alistithmar Capital, and SAR 700 million in securities, he added. SAIB also has SAR 150 million in mortgage loans, while consumer loans account for about 21 percent of the bank’s lending portfolio.

He added that the bank’s non-performing loan (NPL) provisions amount to SAR 834 million, while NPLs stand at SAR 427 million, with a coverage ratio of 195 percent.