Riyadh – Mubasher: The Saudi Investment Bank (SAIB) reported a 58.5% decline in net profits in 2019, as shown by its annual financial results.

Last year, net profit after zakat and tax amounted to SAR 239 million, compared with SAR 576 million in 2018, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.

The decrease in net profit was due to an increase in total operating expenses, which resulted from an increase in provisions for credit and other losses, salaries and employee-related expenses, depreciation and amortization, and other general and administrative expenses.

However, this was partially offset by a decrease in rent and premises-related expenses, as well as provisions for zakat and income tax.