SAIB net profit surges 49% to SAR 1.157 bln in 9M 2022, Q3 doubles to SAR 550 mln

27/10/2022 Argaam Exclusive

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Saudi Investment Bank (SAIB) reported a net profit of SAR 1.157 billion in the first nine months of 2022, a 49% increase from SAR 775.6 million in the year-ago period, driven by higher gross operating income and lower gross operating expenses.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Net Special Commission Income	1,724.42	2,019.25	17.1 %
Operating Income	2,029.34	2,347.81	15.7 %
Total Provisions	(225.61)	57.65	125.6 %
Net Income	775.61	1,157.63	49.3 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.62	0.93	49.3 %

The profit increase was driven by higher gross operating income and lower gross operating expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Net Special Commission Income	595.05	757.88	27.4 %
Operating Income	680.24	858.21	26.2 %
Debt Provisions	(51.03)	149.02	392.0 %
Net Income	274.35	549.97	100.5 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.22	0.44	100.5 %

Item	Q2 2022	Q3 2022	Change‬
Net Special Commission Income	672.21	757.88	12.7 %
Operating Income	772.46	858.21	11.1 %
Debt Provisions	(53.61)	149.02	378.0 %
Net Income	320.65	549.97	71.5 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.26	0.44	71.5 %
EPS Diluted (Riyal)	0.23	0.43	82.4 %

In Q3 2022, the net profit doubled year-on-year (YoY) to SAR 550 million from SAR 274.3 million.

Sequentially, SAIB’s Q3 net profit rose 71.5% from SAR 320.7 million.

Shareholders’ equity, excluding minority interest, fell to SAR 13.293 billion as of Sept. 30, 2022, from SAR 14.688 billion in the year-earlier period.

Balance Sheet (B)

Item	9m 2021	9m 2022	Change‬
Assets	99.64	106.54	6.9 %
Customer Deposits	60.89	67.60	11.0 %
Loan	58.29	64.67	10.9 %

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