SAIB net profit rises 53% to SAR 213 mln in Q1 2021

04/05/2021 Argaam Exclusive

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The Saudi Investment Bank (SAIB) reported a net profit of SAR 213 million in Q1 2021, up 53% compared to a profit of SAR 151 million in Q1 2020.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2020	Q1 2021	Change‬
Net Special Commission Income	582.71	542.96	(6.8 %)
Operating Income	717.72	635.08	(11.5 %)
Debt Provisions	(224.98)	(64.84)	71.2 %
Net Income	150.71	213.50	41.7 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.12	0.17	41.7 %

Item	Q4 2020	Q1 2021	Change‬
Net Special Commission Income	554.27	542.96	(2.0 %)
Operating Income	690.20	635.08	(8.0 %)
Debt Provisions	(68.45)	(64.84)	5.3 %
Net Income	265.21	213.50	(19.5 %)
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.21	0.17	(19.5 %)

The rise was attributed to a decrease in total operating expenses, driven by lower provisions for credit and other losses, other general and administrative expenses, salaries and employee-related expenses, rent and premises related expenses, and depreciation and amortization.

This was offset by an increase in provisions for Zakat and tax.

Meanwhile, total operating income decreased by 12% primarily due to a decrease in net special commission income.

Balance Sheet (B)

Item	3m 2020	3m 2021	Change‬
Assets	100.80	96.27	(4.5 %)
Customer Deposits	67.64	56.12	(17.0 %)
Loan	59.88	55.42	(7.4 %)

When compared to Q4 2020, the bank’s net profit declined 20% in Q1 2021.

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