The Saudi Investment Bank (SAIB) reported a net profit of SAR 1.061 billion for 2021, a rise of 8% from SAR 979.6 million in a year earlier.
The bank attributed the increase in net profit to a drop in total operating expenses (OPEX) and higher net special commission income.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Net Special Commission Income | 2,321.65 | 2,352.40 | 1.3 % |
| Operating Income | 2,846.13 | 2,753.05 | (3.3 %) |
| Total Provisions | (449.41) | (271.07) | 39.7 % |
| Net Income | 979.56 | 1,061.66 | 8.4 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.78 | 0.85 | 8.4 % |
Total OPEX dropped 6.5% year-on-year (YoY), primarily due to a decrease in provisions for credit and other losses, which was offset by an increase in other general and administrative expenses; salaries and employee-related expenses; rent and premises related to expenses, and depreciation and amortization.
Moreover, total operating income decreased by 2.8% YoY on lower fair value through profit and loss; gains on disposals of fair value through other comprehensive income (FVTOCI) debt securities; exchange income, and other income.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Net Special Commission Income | 554.27 | 627.98 | 13.3 % |
| Operating Income | 690.20 | 723.70 | 4.9 % |
| Debt Provisions | (68.45) | (45.46) | 33.6 % |
| Net Income | 265.21 | 286.05 | 7.9 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.21 | 0.23 | 7.9 % |
The bank reported a rise of 8% in Q4 2021 net profit to SAR 286.1 million, from SAR 265.25 million in the year-ago period.
On a sequential basis, net profit grew by 4.3% from SAR 274.35 million.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Assets | 99.88 | 101.62 | 1.7 % |
| Customer Deposits | 60.14 | 61.48 | 2.2 % |
| Loan | 55.07 | 57.80 | 5.0 % |
Shareholders’ equity, after minority interest, increased 11% to SAR 14.801 billion as on Dec. 31, 2021, from SAR 13.331 billion a year earlier.
The earnings per share (EPS) was calculated based on the new number of shares after raising their total number by 250 million through bonus issue.
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