The Saudi Investment Bank Announces the Annual Financial Results for the period ended 31/12/2018

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03/02/2019
Element
Current period
similar period for previous year
% Change
TOTAL REVENUE FOR SPECIAL COMMISSIONS/INVESTMENTS
3,633
3,370
7.804
NET INCOME FOR SPECIAL COMMISSIONS/INVESTMENTS
2,288
2,174
5.244
TOTAL OPERATION PROFIT (LOSS)
2,713
2,660
1.992
Net profit (loss)
1,459
1,411
3.402
TOTAL COMPREHENSIVE INCOME
1,085
1,106
-1.899
TOTAL SHARE HOLDERS EQUITY (AFTER DEDUCTING MINORITY EQUITY)
11,654
13,494
-13.636
ASSETS
96,070
93,796
2.424
INVESTMENTS
24,638
21,714
13.466
LOANS AND ADVANCES PORTFOLIO
59,413
59,588
-0.294
CUSTOMER DEPOSIT
63,690
66,943
-4.859
PROFIT (LOSS) PER SHARE
1.86
1.83
 

All figures are in (Millions) Saudi Arabia, Riyals

ELEMENT
EXPLANATION
REASON FOR INCREASE (DECREASE) IN NET PROFIT FOR CURRENT YEAR COMPARED TO LAST YEAR
NET PROFIT INCREASED DUE TO AN INCREASE IN TOTAL OPERATING PROFIT BY 1.99% RESULTING FROM AN INCREASE IN NET INCOME FOR SPECIAL COMMISSIONS, FEE INCOME FROM BANKING SERVICES, AND EXCHANGE INCOME. THIS WAS PARTIALLY OFFSET BY A DECREASE IN DIVIDEND INCOME, FAIR VALUE THROUGH PROFIT AND LOSS (FVTPL), AND GAINS ON INVESTMENTS. ON THE OTHER HAND, OPERATING EXPENSE DECREASED 0.06% PRIMARILY DUE TO A DECREASE IN RENT AND PREMISES RELATED EXPENSES, AND IMPAIRMENT CHARGE FOR EQUITY INVESTMENTS. THIS WAS PARTIALLY OFFSET BY AN INCREASE IN SALARIES AND EMPLOYEE RELATED EXPENSES, DEPRECIATION AND AMORTIZATION, OTHER GENERAL AND ADMINISTRATIVE EXPENSES, AND PROVISIONS FOR CREDIT LOSSES.
TYPE OF THE EXTERNAL AUDITOR'S OPINION
Unmodified opinion.
RECLASSIFICATIONS IN ANNUAL FINANCIAL RESULTS
THE PREVIOUS PERIOD NUMBERS HAVE BEEN RECLASSIFIED/ ADJUSTED TO CONFORM TO THE CURRENT PERIOD PRESENTATION.
ADDITIONAL INFORMATION
EARNINGS PER SHARE FOR THE YEAR ENDED DECEMBER 31, 2018 WAS SAR 1.86, WHICH WAS CALCULATED BY DIVIDING NET INCOME LESS TIER 1 SUKUK COSTS BY 735 MILLION SHARES REPRESENTING THE WEIGHTED AVERAGE OF THE ISSUED AND OUTSTANDING SHARES AFTER GIVING EFFECT TO THE PURCHASE OF 56,245,350 TREASURY SHARES ON SEPTEMBER 27, 2018. EARNINGS PER SHARE FOR THE YEAR ENDED DECEMBER 31, 2017 WAS SAR 1.83, WHICH WAS CALCULATED BY DIVIDING NET INCOME LESS TIER 1 SUKUK COSTS TIER 1 SUKUK COSTS BY 750 MILLION SHARES.