Riyadh – Mubasher: The Saudi Investment Bank (SAIB) on Sunday posted a year-on-year increase in net profits for the first three months of 2018, citing higher operating income and net special commission income.

Profits grew 4.73% to SAR 361.2 million ($96.30 million) between January and March from SAR 344.9 million ($91.95 million), the bank said in a filing to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, the bank’s profits increased by 2.64% from SAR 351.9 million.

Earnings per share (EPS) amounted to SAR 0.48 per share for the three-month period versus SAR 0.46 per share a year ago.

SAIB attributed its profit growth to a 9.8% year-on-year increase in total operating income to SAR 686.3 million in Q1-18 from SAR 625 million on the back of higher net special commission income and fee income from banking services.

“This was offset primarily by a decrease in gains on investments,” SAIB added in its statement.

Meanwhile, total operating expenses rose 15.1% on the back of higher provisions for credit losses, rent, and premises-related expenses. This was offset by a decline in general and administrative expenses, the Saudi bank added.

By 31 March 2018, SAIB’s assets fell 3.83% to SAR 91.531 billion ($24.40 billion) from SAR 95.177 billion ($25.37 billion) by 31 March 2017, the statement showed, noting that the Saudi bank’s investments had increased 8.61% to SAR 23.144 billion from SAR 21.309 billion.

SAIB had previously posted a 34% rise in profits to SAR 1.41 billion for the full-year 2017 from SAR 1.05 billion in the year before.