SAIB profit rises 8% to SAR 442.4M in Q1 2024

The Saudi Investment Bank (SAIB) posted an 8% rise in Q1 2024 net profit to SAR 442.4 million, compared to SAR 408.9 million in the prior-year period. 

The profit rise was fueled by a 0.1% rise in net special commission income, primarily due to an increase in gross financing and investment returns.

The lender also posted higher gross operating income and an increase in fair value through statement of income, fee income from banking services, and net special commission income. However, this was offset by a decrease in gains on disposals of fair value through other comprehensive income (FVOCI) debt securities and exchange income.

Total operating expenses increased by 0.8%, primarily due to an increase in other general and administrative expenses, depreciation and amortization, salaries employee-related expenses, provisions for credit, and other losses, which were offset by a decrease in rent and premises related expenses.

In addition, net impairment charges for financing and other financial assets slightly increased by 0.9%.

Compared to Q4 2023, the bank’s net profit fell 1.1% from SAR 447.27 million, mainly due to lower gross operating income and higher Zakat provision.

Shareholders’ equity, no minority interest – after deducting Zakat, reached SAR 14.56 billion as of March 31, 2024, up from SAR 14.06 billion a year earlier.

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