Riyadh, Saudi Arabia — The Saudi Investment Bank (SAIB) reported a net profit of SAR 1.76 billion ($469 million) in 2023, a 17 percent rise from SAR 1.50 billion a year earlier.
Total operating income grew by 21 percent year-on-year (YoY) as net special commission income rose due to an increase in net financing and investment commission income by 20 percent YoY, Argaam reported.
In addition, the bank noted higher fair value through profit and loss, gains on disposals of FVOCI debt securities, exchange income, and fee income from banking services.
However, total operating expenses rose by 23 percent YoY on 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, according to Argaam.
In Q4 2023, net profit was 28 percent higher at SAR 447.3 million, compared with SAR 350.2 million a year earlier.
Sequentially, SAIB’s Q3 net profit fell 3.1 percent from SAR 461.64 million.
Shareholders’ equity, no minority interest and after excluding sukuk, increased to SAR 14.52 billion as of Dec. 31, 2023, from SAR 13.57 billion in the year-earlier period.