The Saudi Investment Bank announces the interim financial results for the period ending on 30-09-2024 (nine months)

24/10/2024

The Saudi Investment Bank announces the interim financial results for the period ending on 30-09-2024 (nine months)

Element list	Current quarter	Similar quarter for previous year	% Change	Previous quarter	% Change
Total Income From Special Commission of Financing	1,770.3	1,471.7	20.289	1,650.3	7.271
Total Income From Special Commission of Investment	550.1	505.1	8.909	506.1	8.693
Net Income From Special Commission of Financing	696.8	598.4	16.443	716.5	-2.749
Net Income From Special Commission of Investment	212.2	291.3	-27.154	158.8	33.627
Total operation Profit (Loss)	1,077.9	1,007.6	6.976	1,022.5	5.418
Net Profit (Loss) before Zakat and Income Tax	598.7	536.8	11.531	562.3	6.473
Net Profit (Loss)	517.8	461.6	12.175	486.4	6.455
Total Comprehensive Income	811.1	259.5	212.562	511.6	58.541
Total Operating Expenses Before Provisions for Credit and Other Losses	446.8	407.8	9.563	422.6	5.726
Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net	65.7	87.4	-24.828	62.1	5.797

All figures are in (Millions) Saudi Arabian Riyals

Element list	Current period	Similar period for previous year	% Change
Total Income From Special Commission of Financing	4,987.7	3,994.7	24.857
Total Income From Special Commission of Investment	1,548.1	1,388.7	11.478
Net Income From Special Commission of Financing	2,112.9	1,949.6	8.376
Net Income From Special Commission of Investment	517.6	652.8	-20.71
Total Operations Profit (Loss)	3,095.5	2,964	4.436
Net Profit (Loss) before Zakat and Income Tax	1,672.4	1,528.3	9.428
Net profit (Loss)	1,446.6	1,314.3	10.066
Total Comprehensive Income	1,834.3	1,199.9	52.871
Assets	151,250	129,826	16.502
Investments	40,284	32,754	22.989
Loans And Advances Portfolio (Financing And Investment)	94,936	80,201	18.372
Clients' deposits	98,094	85,455	14.79
Total Shareholders Equity (after Deducting Minority Equity)	15,335	13,824	10.93
Total Operating Expenses Before Provisions for Credit and Other Losses	1,297	1,242.5	4.386
Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net	209.8	248.3	-15.505
Profit (Loss) per Share	1.08	0.97

All figures are in (Millions) Saudi Arabian Riyals

Element list	Amount	Percentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value	-	-
Accumulated Losses	-	-

All figures are in (Millions) Saudi Arabian Riyals

Element list	Explanation
The reason of the increase (decrease) in special commission income during the current quarter compared to the same quarter of the last year is	Net special commission income increased by 2.2% primarily due to increases in gross financing and investment returns.
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 12.2% due to an increase in total operating income, as well as a decrease in provisions for credit and other losses. Total operating income increased by 7.0% primarily due to increases in fair value through statement of income, net special commission income and fee income from banking services, which was partially offset by decreases in exchange income. Total operating expenses increased by 3.5% primarily due to an increase in general and administrative expenses, salaries and employee-related expenses, and depreciation & amortization, which was partially offset by decrease in provisions for credit and other losses in addition to rent and premises related expenses.
The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the same quarter of the last year is	Net provision of expected credit losses and other losses decreased by 24.8% primarily due to lower net charges for loans and advances.
The reason of the increase (decrease) in special commission income during the current quarter compared to the previous quarter is	Net special commission income increased by 3.9% primarily due to increases in gross financing and investment returns.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter is	Net profit increased by 6.5% due to an increase in total operating income. Total operating income increased by 5.4% primarily due to increase in net special commission income, fair value through statement of income and fee income from banking services, despite marginal decreases in exchange income. Total operating expenses increased by 5.7% primarily due to increase in other general and administrative expenses, provisions for credit and other losses, salaries and employee-related expenses as well as rent and premises related expenses.
The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the previous quarter is	Net provision of expected credit losses and other losses increased by 5.8% mainly due to the growth in financing and investments portfolios.
The reason of the increase (decrease) in special commission income during the current period compared to the same period of the last year is	Net special commission income increased by 1.1% primarily due to increases in gross financing and investment returns.
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 10.1% due to an increase in total operating income, as well as a decrease in provisions for credit and other losses. Total operating income increased by 4.4% primarily due to increases in fair value through statement of income, net special commission income and fee income from banking services, despite partial decrease in gains on disposals of FVOCI debt securities and exchange income. Total operating expenses increased by 1.1% primarily due to increase in general and administrative expenses, salaries and employee-related expenses and depreciation & amortization, despite decreases in provisions for credit and other losses as well as decrease in rent and premises related expenses.
The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current period compared to the same period of the last year is	Net provision of expected credit losses and other losses decreased by 15.5% primarily due to lower net charges for loans and advances.
Statement of the type of external auditor's report	Unmodified Conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion)	N/A
Reclassification of Comparison Items	Certain prior period amounts have been reclassified to conform to current period presentation.
Additional Information	Earnings per share for the nine-month period ended September 30, 2024 and 2023 was SAR 1.08 and 0.97 respectively, which was calculated by dividing net income adjusted for Tier I Sukuk costs by 1,249 million shares and 1,250 million shares respectively representing the weighted average of the issued and outstanding shares after giving effect of the issuance of 250 million bonus shares and the purchase of 1.7 million treasury shares. The weighted average number of outstanding shares have been retrospectively adjusted.