The Saudi Investment Bank announces the interim financial results for the period ending on 30-09-2023 (nine months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Income from Special Commissions/Financing & Investments | 1,976.8 | 1,103 | 79.22 | 1,799.8 | 9.83 |
| Net Income from Special Commissions/Financing & Investments | 886.9 | 757.9 | 17.02 | 863.5 | 2.71 |
| Total Operation Profit (Loss) | 1,004.8 | 858.2 | 17.08 | 989.3 | 1.57 |
| Net Profit (Loss) before Zakat and Income Tax | 536.8 | 670.7 | -19.96 | 516.1 | 4.01 |
| Net Profit (Loss) | 461.6 | 550 | -16.07 | 443.8 | 4.01 |
| Total Comprehensive Income | 259.5 | 99 | 162.12 | 428.4 | -39.42 |
| Total Provisions (Reversals) for Expected Credit and Other Losses, net | 87.4 | -149 | - | 79.6 | 9.8 |
| Total Operating Expenses Before Provisions for Credit and Other Losses | 404.9 | 364.3 | 11.14 | 406.2 | -0.32 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Income from Special Commissions/Financing & Investments | 5,383.4 | 2,723.2 | 97.69 |
| Net Income from Special Commissions/Financing & Investments | 2,592.1 | 2,019.3 | 28.37 |
| Total Operation Profit (Loss) | 2,953.7 | 2,347.8 | 25.81 |
| Net Profit (Loss) before Zakat and Income Tax | 1,528.3 | 1,411.7 | 8.26 |
| Net Profit (Loss) | 1,314.3 | 1,157.6 | 13.54 |
| Total Comprehensive Income | 1,199.9 | -622.5 | - |
| Total Share Holders Equity (excluding Non-Controlling Interest) | 13,824 | 13,293 | 3.99 |
| Assets | 129,826 | 106,537 | 21.86 |
| Investments | 32,754 | 26,944 | 21.56 |
| Loans and Advances Portfolio (Financing & Investment) | 80,201 | 64,665 | 24.02 |
| Total Provisions (Reversals) for Expected Credit and Other Losses, net | 248.3 | -57.7 | - |
| Total Operating Expenses Before Provisions for Credit and Other Losses | 1,232.2 | 1,048.4 | 17.53 |
| Clients' deposits | 85,455 | 67,605 | 26.4 |
| Profit (Loss) per Share | 1.21 | 1.1 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net profit decreased by 16.1% due to an increase in total operating expenses.
Total operating income increased by 17.1% primarily due to an increase in net special commission income, fee income from banking services, fair value through profit and loss and exchange income, which was offset by a decrease in gains on disposals of FVOCI debt securities.
Total operating expenses increased by 128.7% primarily due to an increase in provisions for credit and other losses, other general and administrative expenses, salaries and employee-related expenses, rent and premises related expenses. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | Net profit increased by 4.0% due to an increase in total operating income.
Total operating income increased by 1.6% primarily due to an increase in net special commission income and fee income from banking services, which was offset by a decrease in gains on disposals of FVOCI debt securities, fair value through profit and loss and exchange income.
Total operating expenses increased by 1.4% primarily due to an increase in provisions for credit and other losses, salaries and employee-related expenses and rent and premises related expenses, which was offset by a decrease in depreciation and amortization and other general and administrative expenses. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Net profit increased by 13.5% due to an increase in total operating income.
Total operating income increased by 25.8% primarily due to an increase in net special commission income, exchange income, gains on disposals of FVOCI debt securities and fair value through profit and loss, which was offset by a decrease in fee income from banking services.
Total operating expenses increased by 49.4% primarily due to an increase in provisions for credit and other losses, other general and administrative expenses, salaries and employee-related expenses, depreciation and amortization and rent and premises related expenses. |
| Statement of the type of external auditor's report | Unmodified Conclusion |
| Reclassification of Comparison Items | Certain prior period amounts have been reclassified to conform to current period presentation. |
| Additional Information | Earnings per share for the nine-month period ended September 30, 2023 and 2022 was SAR 1.21 and 1.10 respectively, which was calculated by dividing net income adjusted for Tier I Sukuk costs by 1,000 million shares.
Total Provisions (Reversals) for Expected Credit and Other Losses, net, was lower in Q3 2022 due to a large recovery. |
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