SAIB posts 42% rise in 2022 profit to SAR 1.50 bln; Q4 at SAR 350.3 mln

Saudi Investment Bank (SAIB) posted a net profit rise of 42% to SAR 1.50 billion for 2022, compared to SAR 1.06 billion a year earlier.

The net profit growth was primarily driven by higher gross operating income and lower provisions for credit and other losses.

Gross operating income increased by 18.6% year-on-year (YoY) primarily on higher net special commission income and exchange income, which was offset by a decrease in gains on disposals of FVOCI debt securities, fee income from banking services and other income.

Gross operating expenses increased by 5.4% YoY primarily due to an increase in other general and administrative expenses, salaries and employee-related expenses as well as depreciation and amortization. This increase was mitigated by a decrease in provisions for credit and other losses and rent and premises related expenses.

The fourth-quarter net profit grew 22% to SAR 350.27 million, from SAR 286.09 million in Q4 2021.

Compared to the previous quarter, the bank’s net profit saw a decline of 36% from SAR 549.97 million.

Shareholders’ equity, excluding minority interest and sukuk, rose to SAR 13.57 billion as of Dec. 31, 2022, from SAR 14.80 billion in 2021.

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