SAIB’s net profits up to $453mln in 2023

Riyadh –  The Saudi Investment Bank (SAIB) achieved net profits valued at SAR 1.76 billion in 2023, marking an annual jump of 16.82% from SAR 1.50 billion.

The clients’ deposits increased by 19.62% year-on-year (YoY) to SAR 83.23 billion in 2023 from SAR 69.57 billion, according to the financial results.

Additionally, the earnings per share (EPS) amounted to SAR 1.59 last year, up from SAR 1.37 in 2022.

SAIB witnessed 19.17% YoY higher assets at SAR 129.98 billion in January-December 2023, compared to SAR 109.07 billion. Meanwhile, the investments rose by 14.62% YoY to SAR 32.30 billion from SAR 28.18 billion.

In the first nine months (9M) of 2023, the lender logged net profits worth SAR 1.31 billion, a growth of 13.54% from SAR 1.15 billion in 9M-22.

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