The Saudi Investment Bank announced that during the First Quarter of 2002, it has achieved net profits up to SR 95.7 Million compared with SR 80.6 Million for the same period in the last year, with an increase of 18.5%.
Total income increased to SR 148.5 Million compared with SR 121.2 Million i.e. with a growth rate of 22.5%. The Return on the assets reached 2.4% and Return on the shareholders equity rose to 18.64%. The Bank' efficiency ratio reached 29% which the highest among the Saudi banks.
The Balance Sheet as of 31 March 2002 highlighted a growth in assets which was recorded at 18.6% such that the Bank's assets increased to SR 17,231 Million during the First Quarter of 2002 compared with SR 14,529 Million for the same period during the last year. The Bank's loan portfolio increased, with a growth ratio of 16.5%, to SR 8,079 Million compared with SR 6,930 Million during the last year, and the investment portfolio increased to SR 6,538 Million compared with SR 5,308 Million with a growth ratio of more than 23%.
On the liabilities side, the customers' deposits in the Bank rose to SR 11,870 Million in comparison with SR 10,932 Million during 2001, with a growth rate of 8.5%. Total shareholders' equity continued to increase that reached SR 2,147 Million at the end of the First Quarter of the current year.
Dr. Abdul Aziz Al-Abdallah Al O'hali, Chairman of The Saudi Investment Bank expressed his happiness with the sustained growth of the Bank's business in spite of slowdown of global economic activities, emphasizing that the Bank's continued achievement of record profits, while it is celebrating its 25th Anniversary, is the evidence of the success in steering its business and its service rendered to the production sectors of our economy, and tells a story of steady growth of this ambitious bank which started as a small banking company with a capital of not more than SR 30 Million and limited activities. Since then it has transformed itself into a full-service bank. Today, SAIB, with SR 2,147 Million in shareholders' equity offers a complete range of services, activities and products. Its ongoing transformation powered by its unique culture and style allowed it greater leverage, and the power to expand, innovate, and serve diverse and new sectors.
