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SAIB logs SAR 360m profit in Q1

SAIB logs SAR 360m profit in Q1
SAIB’s net profits fell 0.36% in Q1
SAIB
1030.B
-0.70% 17.04 -0.12

Riyadh – Mubasher: Saudi Investment Bank (SAIB) posted a 0.36% year-on-year net profit decrease in the first quarter of 2019.

SAIB’s net profits, after taxes and zakat, edged down to SAR 359.9 million ($96.11 million) in Q1-19 from SAR 361.2 million ($96.45 million) in the year-ago period, according to a statement to the Saudi Stock Exchange (tadawul) on Sunday.

The Saudi lender ascribed the net profit decline to the 5.1% increase in operating expenses on the back of the growth in salaries, employee-related expenses, depreciation and amortisation, and other general and administrative expenses.

On a quarterly basis, SAIB’s profits retreated 3.9% from SAR 374.4 million in Q4-18.

In addition, the bank’s investments grew 12.7% to SAR 26.09 billion in the first three months of 2019 from SAR 23.14 billion in Q1-18.

For the full-year 2018, SAIB’s profits rose 3.4%, logging SAR 1.459 billion, compared to SAR 1.411 billion in the prior year.