The Saudi Investment Bank announced net profits of SR 867.8 million for the nine-month period ending September 30, 2007 compared to net profits of SR 1,704.9 million for the same period of last year. This represents a decrease of 49.1%. Also the net profit for the current quarter reached to SR 336.3 million compared to SR 326.3 million for the same quarter last year, representing an increase of 3%.
Total operating profits for third quarter were SR 491.2 million compared to SR 453.9 million for the same period last year, an increase of 8.2%. Therefore, the total operating income for the nine month period ending September 30, 2007 reached SR 1,264.2 million compared to SR 2,131.4 million for the same period last year, a decrease of 40.7%. The reason for this decrease is attributed to the decrease in the gains from sale of investments, which are at SR 99.9 million compared to SR 671 million for the same period last year, in addition to the decrease in the fees from banking services.
Net commission income rose to SR 817.9 million compared to SR 747.5 million for the same period of last year, an increase of 9.4%. This increase is a result of restructuring the Bank’s balance sheet and increasing its activity in the main banking activities. The earnings per share reached SR 2.22 compared to SR 4.36 (according to the current number of shares after the increase) for the same period last year.
On the Balance Sheet side, the net loans outstanding increased by 7.8% to reach SR 21,746 million compared to SR 20,180 million for the same period last year.
Customer deposits have increased by 17.9% reaching SR 30,538 million.
Total assets were SR 45,127 million as of September 30, 2007 compared to SR 38,318 million for the same period last year.
Dr. Abdulaziz O’Hali and members of the Board of Directors expressed their satisfaction with the achievement of these positive results, and by the continued substantial business growth.
At the same time, Mr. Saud AlSaleh, General Manager of the Bank, said that the Bank was able to achieve these results by making good use of available opportunities and by the concerted efforts of its employees towards rendering the best possible services to customers.
