Riyadh – Mubasher: The Saudi Investment Bank (SAIB) on Tuesday reported a 1.1% year-on-year profit hike during the third quarter of 2018, compared to the year-ago period.

SAIB posted a profit of SAR 362 million in Q3-18, compared to SAR 358 million during Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi lender attributed the third-quarter profit increase to a 2.4% decline in operational expenses.

Total revenues for special commissions and investments jumped 19% to SAR 1.03 billion from July to September this year, compared to SAR 869 million in the same three months last year.

Year-on-year, net income for special commissions and investments increased by 12% to SAR 570 million in Q3-18, from SAR 509 million.

During the first nine months of 2018, SAIB’s profits levelled up 2.4% year-on-year to SAR 1.08 billion, compared to SAR 1.06 billion.

Total value of revenues for special commissions and investments grew 10.3% to SAR 2.85 billion from January to September, compared to SAR 2.59 billion in the same period a year earlier.

Net income for special commissions and investments levelled up 12.6% to SAR 1.6 billion in the nine-month period of this year, from SAR 1.45 billion in the corresponding period a year ago.

Earnings per share (EPS) amounted to SAR 1.45 in the nine-month period ended September, up from SAR 1.41.

SAIB’s stock inched up 0.45% to close Tuesday’s trading session at SAR 17.70.