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The Saudi Investment Bank announces the interim financial results for the period ending on 31-03-2024 (three months)

1030
SAIB
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1445/10/26     05/05/2024 15:40:36

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Total Income From Special Commission of Financing 1,569.21,19331.5331,525.22.884
Total Income From Special Commission of Investment 489.8413.818.366506.5-3.297
Net Income From Special Commission of Financing 617554.611.251598.83.039
Net Income From Special Commission of Investment 229.2290.4-21.0742166.111
Total Operations Profit (Loss) 995.1962.93.3441,002.5-0.738
Net Profit (Loss) before Zakat and Income Tax 511.5475.57.575002.3
Net Profit/(Loss) 442.4408.98.192447.3-1.095
Total Comprehensive Income 511.7512-0.058762.8-32.918
Total Operating Expenses Before Provisions for Credit and Other Losses 427.6424.30.777414.33.21
Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net 82.181.40.859110.3-25.566
All figures are in (Millions) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Assets 136,405121,90111.898
Investments 34,16730,05413.685
Loans And Advances Portfolio (Financing And Investment) 84,62373,63214.926
Clients' deposits 88,43379,21611.635
Total Shareholder’s Equity (After Deducting The Minority’s Rights) 14,56614,0683.539
Profit (Loss) per Share 0.430.39
All figures are in (Millions) Saudi Arabia, Riyals


Element ListAmountPercentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value --
All figures are in (Millions) Saudi Arabia, Riyals


Element ListExplanation
The reason of the increase (decrease) in special commission income during the current quarter compared to the same quarter of the last year is Net special commission income increased by 0.1% primarily due to increase in gross financing and investment returns.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is Net profit increased by 8.2% due to an increase in total operating income.

Total operating income increased by 3.3% primarily due to an increase in fair value through statement of income, fee income from banking services and net special commission income which was offset by a decrease in gains on disposals of FVOCI debt securities and exchange income.

Total operating expenses increased by 0.8% primarily due to an increase in other general and administrative expenses, depreciation and amortization, salaries and employee-related expenses and provisions for credit and other losses, which was offset by a decrease in rent and premises related expenses.

The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the same quarter of the last year is Net impairment charges for financing and other financial assets slightly increased by 0.9%.
The reason of the increase (decrease) in special commission income during the current quarter compared to the previous quarter is Net special commission income increased by 3.9% primarily due to an increase in gross financing return.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter is Net profit decreased by 1.1% due to a decrease in total operating income and an increase in provision for Zakat, offset by a decrease in total operating expenses.

Total operating income decreased by 0.7% primarily due to decrease in fair value through statement of income and exchange income, which was offset by an increase in net special commission income and fee income from banking services.

Total operating expenses decreased by 2.9% primarily due to decrease in provisions for credit and other losses, depreciation and amortization and rent and premises related expenses, which was offset by an increased in other general and administrative expenses and salaries and employee-related expenses.

The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the previous quarter is Net impairment charges for financing and other financial assets decreased due to lower impairment charge provided and lower recoveries during the period.
Statement of the type of external auditor's report Unmodified Conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) N/A.
Reclassification of Comparison Items Certain prior period amounts have been reclassified to conform to current period presentation.
Additional Information Earnings per share for the three-month period ended March 31, 2024 and 2023 was SAR 0.43 and 0.39 respectively, which was calculated by dividing net income adjusted for Tier I Sukuk costs by 1,000 million shares.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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