SAIB net profit rises 34% to SAR 287 mln in Q1 2022

27/04/2022 Argaam Exclusive

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The Saudi Investment Bank (SAIB) reported a net profit of SAR 287 million in Q1 2022, up 34% compared to a profit of SAR 213.5 million in Q1 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2021	Q1 2022	Change‬
Net Special Commission Income	542.96	589.16	8.5 %
Operating Income	635.08	717.14	12.9 %
Debt Provisions	(64.84)	(37.76)	41.8 %
Net Income	213.50	287.02	34.4 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.17	0.23	34.4 %

Item	Q4 2021	Q1 2022	Change‬
Net Special Commission Income	627.98	589.16	(6.2 %)
Operating Income	723.70	717.14	(0.9 %)
Debt Provisions	(45.46)	(37.76)	16.9 %
Net Income	286.05	287.02	0.3 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.23	0.23	0.3 %

The profit rise came on the back of a 13.6% year-on-year (YoY) increase in total operating income, due to higher net special commission income, fair value through profit and loss, gains on disposals of debt securities listed at fair value through other comprehensive income (FVOCI), in addition to fee income from banking services and exchange income.

Meanwhile, total operating expenses increased by 3.8% YoY primarily due to a rise in other general and administrative expenses, salaries and employee-related expenses, rent and premises-related expenses, as well as depreciation and amortization.

When compared to Q4 2021, SAIB’s net profit inched up 0.3% from SAR 286.05 million in Q4 2021, due to lower operating income.

Balance Sheet (B)

Item	3m 2021	3m 2022	Change‬
Assets	96.27	109.26	13.5 %
Customer Deposits	56.12	68.35	21.8 %
Loan	55.42	59.94	8.2 %

Shareholders’ equity, excluding minority interest, grew by 4.6% to SAR 14 billion by the end of Q1 2022, compared to SAR 13.389 billion in the year-ago period.

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