SAIB profit up 9% to SAR 928.8M in H1 2024; Q2 at SAR 486.4M

04/08/2024 Argaam Exclusive

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The Saudi Investment Bank (SAIB) posted a 9% rise in H1 2024 net profit to SAR 928.8 million, compared to SAR 852.7 million in the prior-year period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Net Special Commission Income	1,712.70	1,721.48	0.5 %
Operating Income	1,956.41	2,017.65	3.1 %
Total Provisions	(160.91)	(144.13)	10.4 %
Net Income	852.70	928.79	8.9 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.68	0.74	8.9 %
EPS Diluted (Riyals)	0.61	0.68	10.7 %

The profit rise was spurred by higher total operating income, mainly due to a rise in net special commission income and foreign exchange income, which was partially offset by lower fee income from banking services and fair value through statement of income.

Meanwhile, total operating expenses fell on lower provisions for credit and other losses and other general and administrative expenses, despite the increase in rent and premises-related expenses as well as salaries and employee-related expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Net Special Commission Income	867.69	875.28	0.9 %
Operating Income	993.48	1,022.52	2.9 %
Debt Provisions	(79.56)	(62.07)	22.0 %
Net Income	443.79	486.38	9.6 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.36	0.39	9.6 %
EPS Diluted (Riyal)	0.30	0.34	12.7 %

Item	Q1 2024	Q2 2024	Change‬
Net Special Commission Income	846.20	875.28	3.4 %
Operating Income	995.13	1,022.52	2.8 %
Debt Provisions	(82.06)	(62.07)	24.4 %
Net Income	442.42	486.38	9.9 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.35	0.39	9.9 %
EPS Diluted (Riyal)	0.34	0.34	(0.4 %)

In Q2 2024, the bank reported a net profit of SAR 486.4 million, an increase of 9.6% compared to SAR 443.8 million in Q2 2023.

Sequentially, net profit rose nearly 10% from SAR 442.4 million in Q1 2024.

Balance Sheet (B)

Item	6m 2023	6m 2024	Change‬
Assets	123.59	143.36	16.0 %
Customer Deposits	82.66	95.36	15.4 %
Loan	77.30	90.64	17.3 %

Shareholders’ equity, no minority interest excluding sukuk, increased to SAR 15 billion as of June 30, 2024, from SAR 13.98 billion a year earlier.

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