SAIB net profit up 9% to $206.7mln in first 9 months of 2021

The bank attributed the profit rise to a decline of 11.6% year-on-year in total operating expenses

  
A trader uses his mobile as he monitors screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh June 15, 2015.

A trader uses his mobile as he monitors screens displaying stock information at the Saudi Stock Exchange (Tadawul) in Riyadh June 15, 2015.

REUTERS/Faisal Al Nasser
RIYADH: The Saudi Investment Bank (SAIB) reported a net profit of SR775.6 million ($206.7 million) in the first nine months of 2021, a 9 percent increase from SR714.4 million in the year-earlier period, a bourse filing revealed.

The bank attributed the profit rise to a decline of 11.6 percent year-on-year (YoY) in total operating expenses amid lower salaries and employee-related expenses, as well as provisions for credit and other losses.

The total operating income decreased by 5.4 percent year-on-year, on a decrease in net special commission income, exchange income, dividend income, fair value through profit and loss, and other income, the company revealed in a statement on Saudi Stock market (Tadawul).

SAIB reported a net profit of SR274.3 million in the third quarter of 2021, declining by 9 percent compared to the same period of last year, from SR301.3 million. The total operating income decreased by 5.6 percent year-on-year, with a lower fee income from banking services, exchange income, fair value through profit and loss, and other income. Total operating expenses grew by 2.3 percent year-on-year.

SAIB profit decreased by 4.7 percent in the third quarter of 2021 compared to the previous quarter, from SR287.77 million.

Total shareholders' equity, excluding minority interests, reached SR14.69 million during the first nine months of 2021, compared to SR12.81 million in the year-earlier period.

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