The Saudi Investment Bank (SAIB) has reported a net profit of SAR 1.76 billion in 2023, a 17% year-on-year (YoY) jump from the SAR 1.50 billion in profit it recorded in 2022.
The bank’s total operating income grew by 21% YoY as net special commission income rose due to an increase in net financing and investment commission income by 20% YoY, according to a filing published in the Saudi Stock Exchange (Tadawul).
In addition, the bank noted higher fair value through profit and loss.
The clients’ deposits increased by 19.62% YoY to SAR 83.23 billion in 2023 from SAR 69.57 billion, the data showed, while the earnings per share (EPS) amounted to SAR 1.59, an increase from SAR 1.37 in 2022.
During the course of 2023, SAIB’s investments rose by 14.62% YoY to SAR 32.30 billion from SAR 28.18 billion.
However, total operating expenses rose by 23% YoY. This was explained as a result of higher provisions for credit and other losses, as well as a rise in other general and administrative expenses, depreciation and amortization, rent and premises-related expenses, and salaries and employee-related expenses.
In Q4 2023, net profit was 28% higher at SAR 447.3 million, compared with SAR 350.2 million a year earlier.