SAIB records net profits in H1

Clients’ deposits declined annually by about 7%

  
A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser
Riyadh – Mubasher: Saudi Investment Bank (SAIB) achieved an increase of 21.38% in net profits to SAR 501.3 million in the first half (H1) of 2021 from SAR 413 million in H1-20.

Earnings per share stood at SAR 0.66 in the January-June 2021 period, compared to SAR 0.52 in the same six months last year, according to the interim financial results on Wednesday.

SAIB’s assets have reached SAR 98.4 billion at the end of June 2021, down 5.9% from 104.6 billion in the prior-year period.

Clients’ deposits declined annually by about 7% to SAR 59.81 billion in H1-21 from SAR 64.24 billion in H1-20.

Total operating profits shrank by 5.25% to SAR 1.35 billion in the first six months of 2021 from SAR 1.43 billion in the same period in 2020.

During the second quarter (Q2) of 2021, the lender registered net profits worth SAR 287.8 million, lower by 9.7% than SAR 262.3 million in 2-20.

Total operating income decreased by 1% to SAR 720.7 million in Q2-21 from SAR 713.3 million in Q2-20.

On a quarterly basis, the net profits in Q2-21 were higher by 34.8% than SAR 213.5 million in Q1-21. The total operating income also rose by 13.4% from SAR 635.1 million.

It is worth noting that Fitch Ratings recently revised SAIB’s outlook to ‘Stable’, along with other four listed banks and Gulf International Bank - Saudi Arabia (GIB KSA).

Source: Mubasher

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