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The Saudi Investment Bank announces the interim financial results for the period ending on 30-06-2023 (six months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Income from Special Commissions/Financing & Investments | 1,799.8 | 888.7 | 102.52 | 1,606.8 | 12.01 |
| Net Income from Special Commissions/Financing & Investments | 863.5 | 672.2 | 28.46 | 841.7 | 2.59 |
| Total Operation Profit (Loss) | 989.3 | 772.5 | 28.06 | 959.6 | 3.1 |
| Net Profit (Loss) before Zakat and Income Tax | 516.1 | 391 | 31.99 | 475.5 | 8.54 |
| Net Profit (Loss) | 443.8 | 320.7 | 38.38 | 408.9 | 8.54 |
| Total Comprehensive Income | 428.4 | -466.1 | - | 512 | -16.33 |
| Total Provisions (Reversals) for Expected Credit and Other Losses, net | 79.6 | 53.6 | 48.51 | 81.4 | -2.21 |
| Total Operating Expenses Before Provisions for Credit and Other Losses | 406.2 | 339.4 | 19.68 | 421 | -3.52 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Income from Special Commissions/Financing & Investments | 3,406.6 | 1,620.2 | 110.26 |
| Net Income from Special Commissions/Financing & Investments | 1,705.2 | 1,261.4 | 35.18 |
| Total Operation Profit (Loss) | 1,948.9 | 1,489.6 | 30.83 |
| Net Profit (Loss) before Zakat and Income Tax | 991.5 | 741.1 | 33.79 |
| Net Profit (Loss) | 852.7 | 607.7 | 40.31 |
| Total Comprehensive Income | 940.4 | -721.5 | - |
| Total Share Holders Equity (excluding Non-Controlling Interest) | 13,980 | 13,511 | 3.47 |
| Assets | 123,595 | 110,798 | 11.55 |
| Investments | 31,707 | 28,381 | 11.72 |
| Loans and Advances Portfolio (Financing & Investment) | 77,305 | 62,263 | 24.16 |
| Total Provisions (Reversals) for Expected Credit and Other Losses, net | 160.9 | 91.4 | 76.04 |
| Total Operating Expenses Before Provisions for Credit and Other Losses | 827.2 | 684.1 | 20.92 |
| Clients' deposits | 82,664 | 67,459 | 22.54 |
| Profit (Loss) per Share | 0.77 | 0.56 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| 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 38.4% due to an increase in total operating income. Total operating income increased by 28.1% primarily due to an increase in net special commission income, exchange income, fee income from banking services, gains on disposals of FVOCI debt securities and fair value through profit and loss.
Total operating expenses increased by 23.6% primarily due to an increase in other general and administrative expenses, provisions for credit and other losses, salaries and employee-related expenses, rent and premises related expenses and depreciation and amortization. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | Net profit increased by 8.5% due to an increase in total operating income and a decrease in total operating expenses. Total operating income increased by 3.1% primarily due to an increase in net special commission income, fee income from banking services and fair value through profit and loss, which was offset by a decrease in gains on disposals of FVOCI debt securities and exchange income. Total operating expenses decreased by 3.3% primarily due to a decrease in other general and administrative expenses, salaries and employee-related expenses, provisions for credit and other losses and depreciation and amortization, which was offset by an increase in rent and premises related expenses. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Net profit increased by 40.3% due to an increase in total operating income. Total operating income increased by 30.8% primarily due to an increase in net special commission income, exchange income, gains on disposals of FVOCI debt securities and fair value through profit and loss, which was offset by a decrease in fee income from banking services. Total operating expenses increased by 27.4% primarily due to an increase in other general and administrative expenses, provisions for credit and other losses, salaries and employee-related expenses, depreciation and amortization and rent and premises related expenses. |
| Statement of the type of external auditor's report | Unmodified Conclusion |
| Reclassification of Comparison Items | Certain prior period amounts have been reclassified to conform to current period presentation. |
| Additional Information | Earnings per share for the six-month period ended June 30, 2023 and 2022 was SAR 0.77 and 0.56 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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