Riyadh – The net profits of Saudi Investment Bank (SAIB) surged by 34.42% to SAR 287 million in the first quarter (Q1) of 2022, compared to SAR 213.50 million in Q1-21.

Earnings per share (EPS) rose to SAR 0.27 in Q1-22 from SAR 0.21 in Q1-21, according a bourse disclosure on Wednesday.

Meanwhile, the clients' deposits settled at SAR 68.35 billion in the first three months (3M) of 2022, a 21.79% year-on-year (YoY) jump from SAR 56.12 billion.

During the January-March 2022 period, the bank's assets grew by 13.49% to SAR 109.25 billion, versus SAR 96.27 billion in the same period a year earlier.

On a quarterly basis, the net profits in Q1-22 inched up by 0.34% from SAR 286 million in Q4-21.

In 2021, SAIB reported net profits worth SAR 1.06 billion, an 8.38% annual increase from SAR 979 million.

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