Riyadh – Mubasher: Saudi Investment Bank (SAIB) registered a 42.47% year-on-year (YoY) leap in net profit to SAR 408.90 million during the first quarter (Q1) of 2023, compared to SAR 287 million.
The earnings per share (EPS) hit SAR 0.39 in Q1-23, up from SAR 0.27 in the year-ago period, according to the initial income statements.
In the first three months (3M) of 2023, the clients’ deposits amounted to SAR 79.21 billion, higher by 15.89% YoY than SAR 68.35 billion.
The assets climbed by 11.57% to SAR 121.90 billion in Q1-23 from SAR 109.25 billion in Q1-22, while the investments grew by 1.42% to SAR 30.05 billion from SAR 29.63 billion.
On a quarterly basis, the Q1-23 net profits jumped by 16.76% from SAR 350.20 million in Q4-22.
Last month, the bank’s shareholders greenlighted the payment of SAR 450 million as cash dividends for the second half (H2) of 2022.
In January-December 2022, SAIB achieved net profits valued at SAR 1.50 billion, a 42.03% surge from SAR 1.06 billion in 2021.
