The Saudi Investment Bank announced that during the Third Quarter of 2001, it has achieved net profits of SR 243 Million compared with SR 213 Million achieved during the same period last year. This is an increase of 14%.
The Statement of Income demonstrated a continued growth in profits achieved in all income categories. Operating income increased by 11%, to SR 375.2 Million compared with SR 338.5 Million for the same period last year. On the expenses side, the Bank has continued to keep the expenses well under control. This has enabled the Bank to maintain its leadership in efficiency by achieving the best efficiency ratio of 29% among all Saudi and regional Banks. This reflects the Bank's continued conservative policy with regard to the expenses.
The Return on assets reached 2.3% compared with 2.1% for the same period last year and the Return on shareholders' equity rose to 16.1%.
As regards to the Balance Sheet highlights, the assets increased by SR 1,627 Million, reaching to SR 14,921 Million compared with SR 13,294 Million for the same period last year. This is a growth in assets of 12%. The investment portfolio increased by SR 703 Million at a growth ratio of 16%. The Bank's loan portfolio increased to SR 7,925 Million, with a growth ratio of 8%.
On the liabilities side, the customers' deposits in the Bank rose to SR 11,310 Million by SR 1,282 Million in comparison with SR 10,028 Million during the same period a year earlier.
Dr. Abdul Aziz Al-Abdallah Al O'hali, Chairman of The Saudi Investment Bank, expressed his complete satisfaction with the results achieved. He reiterated his confidence in the Bank's potential to pursue more progress and boast ever improving results. He highlighted the significance of the results and added that these have been achieved by a fully saudized executive management.
Mr. Saud Saleh Al Saleh, the General Manager of The Saudi Investment Bank, emphasized the sustained growth of the Bank's business, its potential to continue to be increasingly competitive, to carve out a larger share of the market, and to introduce new products in Retail Banking following the success achieved in lending on Murabaha basis.
