Saudi Investment Bank : announces its Interim Financial Results for the Period Ending on 30-06-2021 ( Six Months )
July 28, 2021 at 11:37 am EDT
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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.
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Disclaimer
The Saudi Investment Bank SJSC published this content on 28 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2021 15:33:30 UTC.
The Saudi Investment Bank SJSC is a Saudi Arabia-based company, which provides commercial and retail banking services. The Company operates in following segments: Retail banking, which includes loans, deposits, and other credit products for high-net worth individuals and consumers; Corporate banking which includes loans, deposits and other credit products for corporate, small to medium-sized businesses, and institutional customers; Treasury and Investments is engaged in money market, investments and treasury services, and investments in associates and related activities; Asset management and brokerage is engaged in dealing, managing, advising and custody of securities services; and Other segment , which provides support functions, special credit, and other management and control units. The Company also offers shariah compliant banking products and services.