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  • 28-10-21

    Saudi Investment Bank net profit reaches USD206.7M in 1st 9 months

    (MENAFN) According to a bourse filing, in the January-September period of 2021, the Saudi Investment Bank (SAIB) marked a net profit of SR775.6 million (USD206.7 million), a 9 percent improvement from SR714.4 million in 2020 period.

    The bank added the profit increase to a drop of 11.6 percent year-on-year in total operating expenses amid lower salaries and employee-related expenses, in addition to provisions for credit and other losses.

    The company further declared in a statement on Saudi Stock market (Tadawul) that the amount of operating revenue fell by 5.4 percent annual, on a reduction in net special commission income, exchange revenue, dividend income, fair value through profit and loss, and other income.

    A net profit of SR274.3 million in the July-September period of 2021, dropping by 9 percent in comparison to the previous year same time span, from SR301.3 million. The total operating income dropped by 5.6 percent year-on-year, with a lower fee income from banking services, exchange income, fair value through profit and loss, and other income. Total operating expenses increased by 2.3 percent year-on-year.

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