SAIB’s net profit drops 58.5% in FY2019

24/02/2020 Argaam Exclusive

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The Saudi Investment Bank’s (SAIB) net profit declined by 58.5% year-on-year (YoY) to SAR 239 million for fiscal year (FY) 2019, as compared to SAR 576 million in FY2018.

Financials (M)

Item	2018	2019	Change‬
Net Special Commission Income	2,287.72	2,277.89	(0.4 %)
Operating Income	2,712.73	2,818.23	3.9 %
Total Provisions	(246.97)	(1342.64)	(443.6 %)
Net Income	575.90	239.46	(58.4 %)
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.46	0.19	(58.4 %)

The decline was attributed to an increase in total operating expenses and higher operating income, the bank said in a bourse filing.

In Q4 2018, the bank entered into a settlement agreement with the GAZT for Zakat claims for periods up to and including 2017. The amount of the settlement was SAR 775.5 million for 2006 to 2017 and SAR 38.9 million for 2005.

The restated 2018 statement of income includes the discounted impact of this settlement of SAR 750.5 million.

The fourth-quarter net loss decreased 84.6% YoY to SAR 69.64 million

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Net Special Commission Income	553.66	570.69	3.1 %
Operating Income	654.73	713.59	9.0 %
Debt Provisions	(3.79)	(448.28)	(11,724.7 %)
Net Income	(452.62)	(69.18)	84.7 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	(0.36)	(0.06)	84.7 %

Item	Q3 2019	Q4 2019	Change‬
Net Special Commission Income	566.13	570.69	0.8 %
Operating Income	739.35	713.59	(3.5 %)
Debt Provisions	(66.15)	(448.28)	(577.7 %)
Net Income	311.93	(69.18)	(122.2 %)
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.25	(0.06)	(122.2 %)

Balance Sheet (B)

Item	2018	2019	Change‬
Assets	96.07	100.81	4.9 %
Customer Deposits	63.69	69.06	8.4 %
Loan	59.41	57.11	(3.9 %)

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