The Saudi Investment Bank announces the interim financial results for the period ending on 30-09-2019 (nine months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Total Revenue from Special Commissions/Financing & Investments | 980.8 | 955.8 | 2.615 | 974.6 | 0.636 |
| Net Income from Special Commissions/Financing & Investments | 566.1 | 596.5 | -5.096 | 560 | 1.089 |
| Total Operation Profit (Loss) | 739.3 | 700.6 | 5.523 | 663.1 | 11.491 |
| Net Profit (Loss) | 311.9 | 345.7 | -9.777 | -284.7 | - |
| Total Comprehensive Income | 474.1 | 538.4 | -11.942 | -305.3 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Revenue from Special Commissions/Financing & Investments | 2,950.4 | 2,672.7 | 10.39 |
| Net Income from Special Commissions/Financing & Investments | 1,707.2 | 1,734.1 | -1.551 |
| Total Operation Profit (Loss) | 2,104.6 | 2,058 | 2.264 |
| Net Profit (Loss) | 308.6 | 1,028.5 | -69.995 |
| Total Comprehensive Income | 664.5 | 1,065 | -37.605 |
| Total Share Holders Equity (after Deducting Minority Equity) | 11,959 | 12,500 | -4.328 |
| Assets | 96,299 | 95,450 | 0.889 |
| Investments | 26,119 | 24,694 | 5.77 |
| Loans and Advances Portfolio (Financing & Investment) | 57,626 | 59,541 | -3.216 |
| Customer Deposits | 64,964 | 64,019 | 1.476 |
| Profit (Loss) per Share | 0.34 | 1.3 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Quarter Compared to Same Quarter Last Year is Attributed to | Net income decreased by 9.8% primarily due to an increase in provisions for Zakat and Income Tax, while the income before provisions for Zakat and Income Tax increased by 11.1%.
Total operating income increased 5.5% due to an increase in fee income from banking services, exchange income, gains on FVOCI debt securities, and other income which was offset by a decrease in net special commission income, and fair value through profit and loss. Total operating expenses decreased by 2.7%, which was due to a decrease in provisions for credit and other losses, salaries and employee-related expenses, and rent and premises-related expenses which was offset by an increase in depreciation and amortization, and other general and administrative expenses. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | Net income increased primarily due to an increase in total operating income by 11.5% resulting from an increase in net special commission income, fee income from banking services, exchange income, gains on FVOCI debt securities, and other income. This was offset by a decrease in fair value through profit and loss.
Total operating expenses decreased by 65.0% due to a decrease in provisions for credit and other losses, and other general and administrative expenses which was offset by an increase in salaries and employee-related expenses, rent and premises-related expenses, and depreciation and amortization. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Same Period Last Year is Attributed to | Net income decreased primarily due to an increase in total operating expenses by 66.6% which was due to an increase in provisions for credit and other losses, salaries and employee-related expenses, depreciation and amortization, and other general and administrative expenses which was offset by a decrease in rent and premises-related expenses.
Total operating income increased 2.3% primarily due to an increase in exchange income, fair value through profit and loss, gains on FVOCI debt securities, and other income. This was offset primarily by a decrease in net special commission income, fee income from banking services, and dividend income. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | None. |
| Reclassification of Comparison Items | Certain prior period figures have been reclassified to conform to the current period presentation.
Starting from the quarter ended June 30, 2019, Zakat and Income Tax is now accrued on a quarterly basis and recognized in the consolidated statement of income with a corresponding liability recognized in the consolidated statement of financial position in accordance with International Financial Reporting Standards (IFRS) as endorsed in the Kingdom of Saudi Arabia and other standards and pronouncements issued by SOCPA. |
| Additional Information | The income before Zakat and Income Tax for the three month and nine month periods ended September 30, 2019 was SAR 402 million (September 30, 2018: SAR 362 million) and SAR 407 million (September 30, 2018: SAR 1,084 million) respectively.
The net income after Zakat and Income Tax for the three month and nine month periods ended September 30, 2019 was SAR 312 million (September 30, 2018: SAR 346 million) and SAR 309 million (September 30, 2018: SAR 1,029 million) respectively.
Earnings per share for the three month and nine month periods ended September 30, 2019 was SAR 0.44 and SAR 0.34 respectively, which was calculated by dividing net income adjusted for Tier 1 Sukuk costs by 675.0 million and 685.1 million shares respectively representing the weighted average of the issued and outstanding shares after giving effect to the purchase of 56.2 million and 18.7 million treasury shares on September 27, 2018 and May 28, 2019 respectively.
Earnings per share for the three month and nine month periods ended September 30, 2018 was SAR 0.44 and SAR 1.30 respectively, which was calculated by dividing net income adjusted for Tier 1 Sukuk costs by 746.9 million and 748.9 million shares respectively representing the weighted average of the issued and outstanding shares after giving effect to the purchase of 56.2 million treasury shares on September 27, 2018. |
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