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SAIB profits surge 63% in Q3 on higher net income

SAIB profits surge 63% in Q3 on higher net income
Profits went up to SAR 358.4 million in Q3-17
SAIB
1030.B
-0.70% 17.04 -0.12

Riyadh - Mubasher: Saudi Investment Bank (SAIB) on Sunday announced a 63.35% year-on-year increase in the third quarter of 2017.

The bank’s profits went up to SAR 358.4 million in Q3-17, compared to SAR 219.4 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).

As for the first three quarters, net profits rose 41.05% to reach SAR 1.059 billion, compared to SAR 750 million in the same period in 2016. 

Net income increased on the back of higher total operating income resulting from a rise in net special commission income and gains on investments, SAIB said.

“This was partially offset by a decrease in fee income from banking services,” the bank added in its statement.

On the other hand, total operating expenses decreased primarily due to the drop in impairment charges for investments.

SAIB’s earnings per share (EPS) amounted to SAR 1.41 in the nine-month period of 2017 versus SAR 1.

Total assets amounted to SAR 98.284 billion in the period between January and September, up 2.19% year-on-year from SAR 96.182 billion.

SAIB’s customer deposits increased 6.95% to SAR 71.065 billion in the nine-month period ended 30 September 2017 from SAR 66.447 billion a year ago.