SAIB profit rises 11% to SAR 1.96B in 2024; Q4 at SAR 510M

28/01/2025 Argaam Exclusive

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The Saudi Investment Bank (SAIB) reported a net profit of SAR 1.96 billion in 2024, a 11% rise from SAR 1.76 billion a year earlier.

Financials (M)

Item	2023	2024	Change‬
Net Special Commission Income	3,417.22	3,536.70	3.5 %
Operating Income	3,966.58	4,178.00	5.3 %
Total Provisions	(358.66)	(290.00)	19.1 %
Net Income	1,761.61	1,956.60	11.1 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	1.41	1.57	11.1 %
EPS Diluted (Riyals)	1.28	1.43	12.1 %

The annual profit growth was driven by a 3.5% increase in net income from financing and investment, primarily attributed to growth in total financing and investment returns.

Additionally, gross operating income rose by 5.3% in 2024, mainly due to higher net special commission income, increased fair value through the statement of income, and greater fee income from banking services.

However, this upturn was partially capped by the decrease in gains on the disposal of debt securities at fair value through other comprehensive income (FVOCI) and foreign exchange (FX) fees.

In Q4 2024, net profit was 14% higher at SAR 509.96 million, compared with SAR 447.27 million a year earlier.

Sequentially, the three-month bottom line declined 1.5% from SAR 517.84 million in Q3 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Net Special Commission Income	814.80	906.21	11.2 %
Operating Income	1,002.58	1,082.46	8.0 %
Debt Provisions	(110.32)	(80.20)	27.3 %
Net Income	447.27	509.96	14.0 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.36	0.41	14.0 %
EPS Diluted (Riyal)	0.30	0.35	14.9 %

Item	Q3 2024	Q4 2024	Change‬
Net Special Commission Income	909.01	906.21	(0.3 %)
Operating Income	1,077.89	1,082.46	0.4 %
Debt Provisions	(65.67)	(80.20)	(22.1 %)
Net Income	517.84	509.96	(1.5 %)
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.41	0.41	(1.5 %)
EPS Diluted (Riyal)	0.40	0.35	(12.5 %)

Balance Sheet (B)

Item	2023	2024	Change‬
Assets	129.98	156.67	20.5 %
Customer Deposits	83.23	94.01	13.0 %
Loan	80.75	99.47	23.2 %

Shareholders’ equity, no minority interest and after excluding sukuk, increased to SAR 15.42 billion as of the end of 2024, from SAR 14.52 billion in the year-earlier period.

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