SAIB swings to losses in Q2

The bank swung to losses with SAR 284.7 million in Q2-19, against profits of SAR 336.8 million in Q2-18, according to the bank’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

“Net income decreased due to an increase in total operating expenses by 207.9% resulting from an increase in provisions for credit and other losses, depreciation and amortization and other general and administrative expenses,” the statement said.

On the other hand, revenues of the Saudi-based lender grew by 11.12% to SAR 974.6 million during the three-month period between April and June.

For the first half of 2019, SAIB’s losses recorded SAR 3.3 million, versus profits of SAR 682.8 million in H1-18.

The bank generated SAR 1.14 billion in revenues in H1-19, up 0.3% from SAR 1.13 billion in the same period of the prior year.

By the end of June, the bank’s assets hit SAR 97.9 billion, while investments registered SAR 26.57 million over the same period.

Customer deposits levelled down by 6.25% year-on-year to SAR 66.8 billion during the first six months of 2019.