Riyadh – Mubasher: The Saudi Investment Bank (SAIB) on Thursday posted a 1.7% year-on-year profit increase during the second quarter of 2018.

SAIB’s profits amounted to SAR 361.6 million in Q2-18, compared to SAR 355.6 million in the same quarter a year earlier, according to a bourse filing.

Quarter-on-quarter, profits inched up 0.1% in the period between April and June, from SAR 361.2 million.

The Saudi lender attributed the second-quarter profit growth to a 2.3% rise in net operating income.

Special commission income jumped 10.8% to SAR 937 million during Q2-18, from SAR 846 million in the corresponding months a year earlier.

At the level of first six months of 2018, SAIB’s profits grew 3.2% to SAR 722.8 million, compared to SAR 700.6 million during H1-17.

Special commission income increased 6% to SAR 1.83 billion in the January-June period of 2018, from SAR 1.72 billion in the prior-year period.

SAIB’s stock decreased by 1.57% to end Thursday at SAR 18.80.