The Saudi Investment Bank (SAIB) reported a net profit of SAR 1.44 billion in the first nine months of 2024, a 10% rise from the SAR 1.31 billion achieved the same period a year earlier, according to filings with the Saudi exchange.
The growth was attributed to a 4.4% increase in gross operating income, primarily due to the increased fair value through statement of income, net special commission income and fee income from banking services. The increase in income helped offset a decrease in gains on the disposal of debt securities at fair value through other comprehensive income (FVOCI) and foreign exchange (FX) income.
The net provision for expected credit losses and other losses fell 15.5%, as a result of a drop in the provision for loans and advances.
Total operating expenses grew by 1.1% for the same period, on higher general and administrative expenses, salaries and employee-related expenses and depreciation and amortization.
Looking at Q3 2024, the bank achieved a 12.2% increase in net profits, to reach SAR 517.8 million. This boost was driven by a 20.3% rise in income from financing commissions, totaling SAR 1.77 billion riyals, and an 8.9% increase in investment commission income, reaching SAR 550.1 million.
Total operating profits improved by approximately 7%, amounting to SAR1.08 billion. Comprehensive income for the quarter soared by 212.6% to SAR 811.1 million compared to the same period last year, helped by a 24.8% reduction in credit loss provisions.
Earnings per share grew to SAR 1.08, up from SAR 0.97 riyals in the previous year’s third quarter. The statement highlighted that the 2.2% rise in net income from commissions was largely attributed to increased returns from financing and investment activities.
