The Saudi Investment Bank announced it’s achievement of net income of 428 Million for the six months period ending 30 June 2009 compared with SR 538 Million for the corresponding period last year, a decrease of 20%.
The net special commission income for the current period declined by 17% to reach SR 504 Million compared with SR 605 Million for the corresponding period last year due to the general decline in the local and international interest rates. The total operating income reached to SR 679 Million compared with SR 1,096 Million for the corresponding period last year
a decrease of 38% which was due to the decrease in the gains on no-trading investments from 166 Million to 27 Million, in addition to the decrease in the volumes of trading in the local and international markets. Earnings per share reached SR 0.95 compared to SR 1.20 (according to number of shares after the addition) for the corresponding period last year.
The Bank continued to pursue its conservative policy of setting aside additional sufficient provisions in order to enable it to expand its lending activities and to increase its participation in the development of the national economy and the support of its productive sectors. The Bank increased its possible loan loss provision by 200%, from SR 20 Million to SR 60 Million.
The Balance Sheet highlighted the growth in the loans portfolio by 7% to reach SR 30,153 Million compared with SR 28,140 Million for the same period last year. Total deposits declined by 1% to reach SR 36,364 Million. Total assets reached SR 50,731 as of 30 June 2009 compared with SR 51,934 Million for the corresponding period last year.
