SAIB profit rises 14% to SAR 1.31 bln in 9M 2023, Q3 at SAR 461.6 mln

25/10/2023 Argaam Exclusive

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The Saudi Investment Bank (SAIB) reported a net profit of SAR 1.31 billion in the first nine months of 2023, a 14% increase from SAR 1.15 billion in the year-ago period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Net Special Commission Income	2,019.25	2,602.44	28.9 %
Operating Income	2,347.81	2,964.04	26.2 %
Total Provisions	57.65	(248.34)	(530.8 %)
Net Income	1,157.63	1,314.34	13.5 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.93	1.05	13.5 %
EPS Diluted (Riyals)	0.88	0.97	10.6 %

Total operating income increased by 25.8% year-on-year (YoY), primarily due to an increase in net special commission income, exchange income, gains on disposals of FVOCI debt securities and fair value through profit and loss, which was offset by a decrease in fee income from banking services.

However, total operating expenses rose by 49.4% YoY on the increase in provisions for credit and other losses, other general and administrative expenses, salaries and employee-related expenses, depreciation and amortization, as well as rent and premises-related expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Net Special Commission Income	757.88	889.74	17.4 %
Operating Income	858.21	1,007.62	17.4 %
Debt Provisions	149.02	(87.43)	(158.7 %)
Net Income	549.97	461.64	(16.1 %)
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.44	0.37	(16.1 %)
EPS Diluted (Riyal)	0.43	0.36	(16.3 %)

Item	Q2 2023	Q3 2023	Change‬
Net Special Commission Income	867.69	889.74	2.5 %
Operating Income	993.48	1,007.62	1.4 %
Debt Provisions	(79.56)	(87.43)	(9.9 %)
Net Income	443.79	461.64	4.0 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.36	0.37	4.0 %
EPS Diluted (Riyal)	0.30	0.36	18.2 %

In Q3 2022, net profit fell 16% YoY to SAR 461.6 million, as total operating income increased by 17.1% YoY on an increase in net special commission income, fee income from banking services, fair value through profit and loss and exchange income, which was offset by a decrease in gains on disposals of FVOCI debt securities.

Sequentially, SAIB’s Q3 net profit increased 4% from SAR 443.79 million.

Balance Sheet (B)

Item	9m 2022	9m 2023	Change‬
Assets	106.54	129.83	21.9 %
Customer Deposits	67.60	85.45	26.4 %
Loan	64.67	80.20	24.0 %

Shareholders’ equity, no minority interest, fell to SAR 13.82 billion as of Sept. 30, 2023, from SAR 13.29 billion in the year-earlier period.

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