RIYADH: Saudi Investment Bank (SAIB) has announced a net profit of SAR 359.1 million for the quarter ended March 31, 2019, which is 0.36% lower than the profit of SAR 361.2 million recorded in the same period last year.[the_ad id=”31605″]On sequential basis, Saudi Investment Bank’s profits were down 3.87% compared with the profit of SAR 374.4 million recorded for the previous quarter ended December 31, 2018. The earnings per share for the period under review clocked in at SAR 0.5 compared with EPS of SAR 0.48 in the corresponding period last year.
Net income decreased due to an increase in total operating expenses by 5.1% resulting from an increase in salaries and employee-related expenses, depreciation and amortization, and other general and administrative expenses.
This was offset by a decrease in rent and premises-related expenses, and provisions for credit and other losses. On the other hand, total operating income increased 3.1% primarily due to an increase in net special commission income, and fee income from banking services. This was offset primarily by a decrease in exchange income, and realized fair value through profit and loss.