SAIB net profit up 9% to SAR 775.6 mln in 9M 2021

The Saudi Investment Bank (SAIB) reported a net profit of SAR 775.6 million in the first nine months of 2021, a rise of 9% from SAR 714.4 million in the year-earlier period. 

The bank attributed the profit rise to a decline of 11.6% year-on-year (YoY) in total operating expenses amid lower salaries and employee-related expenses, as well as provisions for credit and other losses.

The bank attributed the profit rise to a decline of 11.6% year-on-year (YoY) in total operating expenses amid lower salaries and employee-related expenses, as well as provisions for credit and other losses.

On the other hand, total operating income decreased by 5.4% YoY, on a decrease in net special commission income, exchange income, dividend income, fair value through profit and loss, and other income.

In Q3 2021, the bank reported a net profit of SAR 274.3 million, a decline of 9% from SAR 301.3 million in the same period last year, on a 5.6% YoY drop in total operating income, as well as lower fee income from banking services, exchange income, fair value through profit and loss, and other income. Moreover, total operating expenses grew by 2.3% YoY.

When compared to the previous quarter, Q3 net profit decreased by 4.7% from SAR 287.77 million.

Total shareholders' equity, excluding minority interests, reached SAR 14.69 million during the first nine months of 2021, compared to SAR 12.81 million in the year-earlier period. 

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