Saudi: SAIB’s net profits near $227.46mln in H1-23

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Riyadh – The Saudi Investment Bank (SAIB) generated SAR 852.70 million in net profit during the first half (H1) of 2023, an annual surge of 40.31% from SAR 607.70 million.

The lender posted 22.54% higher clients’ deposits at SAR 82.66 billion during January-June 2023, versus SAR 67.45 billion in the year-ago period.

Earnings per share (EPS) jumped to SAR 0.77 as of 30 June 2023 from SAR 0.56 a year earlier, according to the initial financial results.

Assets climbed by 11.50% to SAR 123.59 billion in H1-23 from SAR 110.79 billion in H1-22, while investments hiked by 11.72% to SAR 31.70 billion from SAR 28.38 billion.

Income Statements for Q2-23

In the second quarter (Q2) of 2023, the net profits of SAIB amounted to SAR 443.80 million, up 38.38% year-on-year (YoY) from SAR 320.70 million.

On a quarterly basis, the recorded profits in Q2-23 increased by 8.54% from SAR 408.90 million in Q1-23.