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.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Net Special Commission Income | 2,352.40 | 2,844.88 | 20.9 % |
| Operating Income | 2,753.05 | 3,277.89 | 19.1 % |
| Total Provisions | (271.07) | (191.57) | 29.3 % |
| Net Income | 1,061.66 | 1,507.86 | 42.0 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.85 | 1.21 | 42.0 % |
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.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Net Special Commission Income | 627.98 | 825.62 | 31.5 % |
| Operating Income | 723.70 | 930.08 | 28.5 % |
| Debt Provisions | (45.46) | (249.22) | (448.2 %) |
| Net Income | 286.05 | 350.22 | 22.4 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.23 | 0.28 | 22.4 % |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Net Special Commission Income | 757.88 | 825.62 | 8.9 % |
| Operating Income | 858.21 | 930.08 | 8.4 % |
| Debt Provisions | 149.02 | (249.22) | (267.2 %) |
| Net Income | 549.97 | 350.22 | (36.3 %) |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.44 | 0.28 | (36.3 %) |
| EPS Diluted (Riyal) | 0.44 | 0.28 | (36.4 %) |
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.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Assets | 101.62 | 109.07 | 7.3 % |
| Customer Deposits | 61.48 | 69.58 | 13.2 % |
| Loan | 57.80 | 68.88 | 19.2 % |
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