The Saudi Investment Bank announces its Interim Financial Results for the Period Ending on 30-06-2021 ( Six Months )

The Saudi Investment Bank announces its Interim Financial Results for the Period Ending on 30-06-2021 ( Six Months )

28/07/2021

Element List

Current Quarter

Similar quarter for previous year

%Change

Previous Quarter

% Change

Total income from Special Commissions/Financing & Investments

704.1

865.9

-18.685

664.4

5.975

Net Income from Special Commissions/Financing & Investments

588.5

609.2

-3.397

543

8.379

Total Operation Profit (Loss)

720.7

713.3

1.037

635.1

13.478

Net Profit (Loss) before Zakat and Income Tax

313.6

334.1

-6.135

263.6

18.968

Net Profit (Loss)

287.8

262.3

9.721

213.5

34.8

Total Comprehensive Income

438.1

1,793

-75.566

73.2

498.497

 

Element List

Current Period

Similar period for previous year

%Change

Total income from Special Commissions/Financing & Investments

1,368.5

1,780.1

-23.122

Net Income from Special Commissions/Financing & Investments

1,131.5

1,191.9

-5.067

Total Operation Profit (Loss)

1,355.8

1,431

-5.255

Net Profit (Loss) before Zakat and Income Tax

577.2

507.3

13.778

Net Profit (Loss)

501.3

413

21.38

Total Comprehensive Income

511.3

293

74.505

Total Share Holders Equity (after Deducting Minority Equity)

13,517

12,239

10.442

Assets

98,409

104,616

-5.933

Investments

29,861

30,887

-3.321

Loans and Advances Portfolio (Financing & Investment)

56,296

58,603

-3.936

Clients' deposits

59,812

64,243

-6.897

Profit (Loss) per Share

0.66

0.52

-

 

 

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 9.7% due to an increase in total operating income and a decrease in Provisions for Zakat.

The total operating income increased by 1.0% primarily due to an increase in fee income from banking services, gains on disposals of FVOCI debt securities,
and other income, which was offset by a decrease in net special commission income, exchange income, and fair value through profit and loss.

Total operating expenses increased by 7.9% primarily due to an increase in other general and administrative expenses, and provisions for credit and other losses.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is

Net profit increased by 34.8% due to an increase in total operating income and a decrease in Provisions for Zakat.

The total operating income increased by 13.5% primarily due to an increase in net special commission income, fair value through profit and loss, gains on disposals of FVOCI debt securities, and other income, which was offset by a decrease in fee income from banking services, and exchange income.

Total operating expenses increased by 11.8% primarily due to an increase in rent and premises-related expenses, depreciation and amortization, and provisions for credit and other losses, which was offset by a decrease in salaries and employee-related expenses, and other general and administrative 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 21.4% due to a decrease in total operating expenses, and Provisions for Zakat.

The total operating expenses decreased by 16.8% primarily due to a decrease in salaries and employee-related expenses, depreciation and amortization, other general and administrative expenses, and provisions for credit and other losses, which was offset by an increase in rent and premises related expenses.

Total operating income decreased by 5.3% primarily due to a decrease in net special commission income, exchange income, dividend income, and fair value through profit and loss, which was offset by an increase in fee income from banking services, gains on disposals of FVOCI debt securities, and other income.

Statement of the type of external auditor's report

Unmodified opinion

Reclassification of Comparison Items

None

Additional Information

Earnings per share for the six month period ended June 30, 2021 and 2020 was SAR 0.66 and 0.52 respectively, which was calculated by dividing net income adjusted for Tier I Sukuk costs by 675 million shares representing the weighted average of the issued and outstanding shares after giving effect to the purchase of 56.2 million and 18.7 million Treasury shares on September 27, 2018 and May 28, 2019 respectively.