Riyadh – Mubasher: The Saudi Investment Bank (SAIB) on Sunday reported a 3.4% year-on-year increase in profits for the full fiscal year of 2018.

SAIB’s net profits amounted to SAR 1.45 billion from January to December 2018, compared to SAR 1.41 billion in the prior year, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi lender attributed 2018 profit rise to a 1.99% growth in the total value of operating profits, logging SAR 2.71 billion in 2018, compared to SAR 2.66 billion during the year ago.

Total revenues for special commissions and investments went up 8% to SAR 3.63 billion last year, against SAR 3.37 billion in the previous year, while the Saudi bank's net income for special commissions and investments also rose 5.2% to SAR 2.28 billion, compared to SAR 2.17 billion.

Earnings per share (EPS) amounted to SAR 1.86 in 2018, up from SAR 1.83.

Based on figures compiled by Mubasher, SAIB’s profits grew 6.5% year-on-year during the fourth quarter of 2018, logging SAR 375 million, compared to SAR 352 million.

SAIB’s stock shed 0.88% to close Sunday’s trading session at SAR 20.32.