SAIB profit rises 40% to SAR 852.7 mln in H1 2023; Q2 at SAR 443.8 mln

27/07/2023 Argaam Exclusive

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The Saudi Investment Bank (SAIB) posted a 40% rise in H1 2023 net profit to SAR 852.7 million, compared to SAR 607.7 million in the prior-year period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Net Special Commission Income	1,261.38	1,712.70	35.8 %
Operating Income	1,489.60	1,956.41	31.3 %
Total Provisions	(91.37)	(160.91)	(76.1 %)
Net Income	607.67	852.70	40.3 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.49	0.68	40.3 %
EPS Diluted (Riyals)	0.45	0.61	36.1 %

The profit rise was spurred by higher operating income, mainly due to a rise in net special commission income, foreign exchange income, and fair value through profit and loss.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Net Special Commission Income	672.21	867.69	29.1 %
Operating Income	772.46	993.48	28.6 %
Debt Provisions	(53.61)	(79.56)	(48.4 %)
Net Income	320.65	443.79	38.4 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.26	0.36	38.4 %
EPS Diluted (Riyal)	0.23	0.30	29.1 %

Item	Q1 2023	Q2 2023	Change‬
Net Special Commission Income	845.01	867.69	2.7 %
Operating Income	962.93	993.48	3.2 %
Debt Provisions	(81.35)	(79.56)	2.2 %
Net Income	408.91	443.79	8.5 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.33	0.36	8.5 %
EPS Diluted (Riyal)	0.31	0.30	(3.4 %)

Balance Sheet (B)

Item	6m 2022	6m 2023	Change‬
Assets	110.80	123.59	11.5 %
Customer Deposits	67.46	82.66	22.5 %
Loan	62.26	77.30	24.2 %

Shareholders’ equity, no minority interest excluding sukuk, increased to SAR 13.98 billion as of June 30, 2023 from SAR 13.51 billion a year earlier.

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