The Saudi Investment Bank announces its Annual Financial Results for the Year Ended on 31-12-2023
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Total Income From Special Commission of Financing | 5,528 | 3,014.9 | 83.36 | ||
| Total Income From Special Commission of Investment | 1,887.2 | 1,052.4 | 79.32 | ||
| Net Income From Special Commission of Financing | 2,764.4 | 2,237.2 | 23.57 | ||
| Net Income From Special Commission of Investment | 652.8 | 607.7 | 7.42 | ||
| Total Operations Profit (Loss) | 3,966.6 | 3,277.9 | 21.01 | ||
| Net Profit (Loss) before Zakat and Income Tax | 2,028.3 | 1,712 | 18.48 | ||
| Net profit (Loss) | 1,761.6 | 1,507.9 | 16.82 | ||
| Total Comprehensive Income | 1,962.8 | -259.3 | - | ||
| Assets | 129,984 | 109,071 | 19.17 | ||
| Investments | 32,301 | 28,180 | 14.62 | ||
| Loans And Advances Portfolio (Financing And Investment) | 80,751 | 68,883 | 17.23 | ||
| Clients' deposits | 83,233 | 69,579 | 19.62 | ||
| Total Shareholder’s Equity (After Deducting The Minority’s Rights) | 14,520 | 13,575 | 6.96 | ||
| Total Operating Expenses Before Provisions for Credit and Other Losses | 1,656.8 | 1,445.2 | 14.64 | ||
| Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net | 358.7 | 191.6 | 87.21 | ||
| Profit (Loss) per Share | 1.59 | 1.37 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the special commission income during the current year compared to the last year is | Net financing and investment commission income increased by 20% primarily due to an increase in gross financing and investment income. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net profit increased by 16.8% due to an increase in total operating income.
Total operating income increased by 21% primarily due to an increase in net special commission income, fair value through profit and loss, gains on disposals of FVOCI debt securities, exchange income, and fee income from banking services.
Total operating expenses increased by 23% primarily due to an increase in provisions for credit and other losses, other general and administrative expenses, depreciation and amortization, rent and premises related expenses, and salaries and employee-related expenses. |
| The reason of the increase (decrease) in the total net provision of expected credit losses and other losses (reversing entry) during the current year compared to the last year is | Net provisions of expected credit losses and other losses increased due to higher impairment provided for the period and lower recoveries from written off financing during the year. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | N/A |
| Reclassification of Comparison Items | Certain prior year amounts have been reclassified to conform to current year presentation. |
| Additional Information | Earnings per share for the year ended December 31, 2023 and 2022 was SAR 1.59 and 1.37 respectively, which was calculated by dividing net income adjusted for Tier I Sukuk costs by 1,000 million shares. |
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