Riyadh – Mubasher: The Saudi Investment Bank (SAIB) on Tuesday posted a 16.45% growth in net profits for the fourth quarter of 2017, compared to the year-ago period.

The lender's net profits rose to SAR 351.9 million in Q4-17 versus SAR 302.2 million in the same period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits of the kingdom's eighth-largest lender by assets decreased 1.81%.

SAIB attributed the increase in the fourth-quarter net profits to an 18.9% rise in operating income boosted by the growth of net special commission income, in addition to a decline in the fees income from the banking services, exchange income, and investment gain.

The bank’s profits jumped 33.98% to SAR 1.41 billion during the full-year 2017, compared to SAR 1.05 billion in the year before.

SAIB’s stock inched up 0.91%, closing Tuesday at SAR 15.59