The Saudi Investment Bank (SAIB) posted a 43% leap in Q1 2023 net profit to SAR 408.9 million, compared to SAR 287 million in the prior-year period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Net Special Commission Income | 589.16 | 845.01 | 43.4 % |
| Operating Income | 717.14 | 962.93 | 34.3 % |
| Debt Provisions | (37.76) | (81.35) | (115.4 %) |
| Net Income | 287.02 | 408.91 | 42.5 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.23 | 0.33 | 42.5 % |
| EPS Diluted (Riyal) | 0.23 | 0.33 | 42.2 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Net Special Commission Income | 825.62 | 845.01 | 2.3 % |
| Operating Income | 930.08 | 962.93 | 3.5 % |
| Debt Provisions | (249.22) | (81.35) | 67.4 % |
| Net Income | 350.22 | 408.91 | 16.8 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.28 | 0.33 | 16.8 % |
| EPS Diluted (Riyal) | 0.28 | 0.33 | 16.8 % |
The profit rise was spurred by a 33.8% year-on-year (YoY) increase in total operating income, mainly due to higher net special commission income, exchange income, fair value through profit and loss as well as gains on disposals of FVOCI debt securities.
On the other hand, total operating expenses (OpEx) increased by 31.3% YoY primarily on higher other general and administrative expenses, provisions for credit and other losses, salaries and employee-related expenses, as well as depreciation and amortization.
Compared to Q4 2022, the bank’s net profit climbed 16.8% from SAR 350.2 million, thanks to a 4.6% YoY rise in operating income and a drop of 20.7% YoY in OpEx.
Shareholders’ equity, no minority interest, edged up to SAR 14.06 billion as of March 31, 2023, from SAR 14 billion a year earlier.
| Item | 3m 2022 | 3m 2023 | Change |
|---|---|---|---|
| Assets | 109.26 | 121.90 | 11.6 % |
| Customer Deposits | 68.35 | 79.22 | 15.9 % |
| Loan | 59.94 | 73.63 | 22.8 % |
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