SAIB profit jumps 43% to SAR 408.9 mln in Q1 2023

01/05/2023 Argaam Exclusive

View other reports

The Saudi Investment Bank (SAIB) posted a 43% leap in Q1 2023 net profit to SAR 408.9 million, compared to SAR 287 million in the prior-year period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2022	Q1 2023	Change‬
Net Special Commission Income	589.16	845.01	43.4 %
Operating Income	717.14	962.93	34.3 %
Debt Provisions	(37.76)	(81.35)	(115.4 %)
Net Income	287.02	408.91	42.5 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.23	0.33	42.5 %
EPS Diluted (Riyal)	0.22	0.31	43.5 %

Item	Q4 2022	Q1 2023	Change‬
Net Special Commission Income	825.62	845.01	2.3 %
Operating Income	930.08	962.93	3.5 %
Debt Provisions	(249.22)	(81.35)	67.4 %
Net Income	350.22	408.91	16.8 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.28	0.33	16.8 %
EPS Diluted (Riyal)	0.21	0.31	45.4 %

The profit rise was spurred by a 33.8% year-on-year (YoY) increase in total operating income, mainly due to higher net special commission income, exchange income, fair value through profit and loss as well as gains on disposals of FVOCI debt securities.

On the other hand, total operating expenses (OpEx) increased by 31.3% YoY primarily on higher other general and administrative expenses, provisions for credit and other losses, salaries and employee-related expenses, as well as depreciation and amortization.

Compared to Q4 2022, the bank’s net profit climbed 16.8% from SAR 350.2 million, thanks to a 4.6% YoY rise in operating income and a drop of 20.7% YoY in OpEx.

Shareholders’ equity, no minority interest, edged up to SAR 14.06 billion as of March 31, 2023, from SAR 14 billion a year earlier.

Balance Sheet (B)

Item	3m 2022	3m 2023	Change‬
Assets	109.26	121.90	11.6 %
Customer Deposits	68.35	79.22	15.9 %
Loan	59.94	73.63	22.8 %

View more financial results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×