Saudi Investment Bank records 9% rise in net profit to $206.7m

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  • The bank attributed the profit rise to a decline of 11.6 percent year-on-year (YoY) in total operating expenses amid lower salaries and employee-related expenses.
  • Total shareholders' equity, excluding minority interests, reached SR14.69 million during the first nine months of 2021

The Saudi Investment Bank (SAIB) has recorded a 9 percent rise in net profit to $206.7 million in the first nine months of 2021, a bourse filing revealed.

The bank attributed the profit rise to a decline of 11.6 percent year-on-year (YoY) in total operating expenses amid lower salaries and employee-related expenses, as well as provisions for credit and other losses.

The total operating income decreased by 5.4 percent year-on-year, on a decrease in net special commission income, exchange income, dividend income, fair value through profit and loss, and other income, the company revealed in a statement on Saudi Stock market (Tadawul).

Total shareholders’ equity, excluding minority interests, reached SR14.69 million during the first nine months of 2021, compared to SR12.81 million in the year-earlier period.

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