SAIB posts 46.4% profit drop to SAR 150.7 mln in Q1 2020

Saudi Investment Bank (SAIB) reported a 46.4% year-on-year (YoY) slump in Q1 2020 net profit to SAR 150.7 million, compared to SAR 281.4 million in year-earlier period.

The drop was attributed to higher operating expenses, provisions for credit and other losses, as well as the expenses of salaries, employees, rent and premises.

The bank swung to net profit, compared to a net loss of SAR 69.2 million in Q4 2019, driven by a decline in operating expenses, provisions for credit and other losses, as well as the expenses of salaries, employees, rent and premises.

Operating income also increased by 0.6% primarily due to higher net special commission income, fee income from banking services, exchange income, dividend income, and gains on FVOCI debt securities.