Financial Results : SAIB net profit surges to SAR 980 mln in 2020

SAIB net profit surges to SAR 980 mln in 2020

11/02/2021 Argaam Exclusive

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Saudi Investment Bank (SAIB) reported a net profit of SAR 980 million for the fiscal year 2020, more than four-fold increase, compared to SAR 239 million in 2019.

 

The company attributed the profit rise to a decrease in total operating expenses, due to lower provisions for credit and other losses, general and administrative expenses, as well as rent and premises-related expenses.

 

This was offset by an increase in salaries and employee-related expenses, depreciation and amortization, and provisions for Zakat and income tax.

 

The increase in net profit was attributed to a decrease in total operating expenses which was due to a decrease in provisions for credit and other losses, other general and administrative expenses, as well as rent and premises related expenses.



Financials (M)

Item 2019 2020 Change‬
Net Special Commission Income 2,277.89 2,321.65 1.9 %
Operating Income 2,818.23 2,846.13 1.0 %
Total Provisions (1342.64) (449.41) 66.5 %
Net Income 239.46 979.56 309.1 %
Average Shares 1,250.00 1,250.00 -
EPS (Riyals) 0.19 0.78 309.1 %

SAIB turned to a net profit of Zakat and tax of SAR 265.7 million in Q4 2020 compared to a net loss of SAR 69 million in the same period a year ago.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Net Special Commission Income 570.69 554.27 (2.9 %)
Operating Income 713.59 690.20 (3.3 %)
Debt Provisions (448.28) (68.45) 84.7 %
Net Income (69.18) 265.21 483.4 %
Average Shares 1,250.00 1,250.00 -
EPS (Riyals) (0.06) 0.21 483.4 %

Balance Sheet (B)

Item 2019 2020 Change‬
Assets 100.81 99.88 (0.9 %)
Customer Deposits 69.06 60.14 (12.9 %)
Loan 57.11 55.07 (3.6 %)

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