The Saudi Investment Bank has announced that the Bank’s Net Income for 2008 first quarter was SAR 258 million, a decline of 16% down from SAR 306 million in the first quarter 2007. This decline is due to a non-recurrent investment portfolio losses of SAR 55.4 million. The income fees from banking services increased by 33.8% to reach 160.7 million compared to 120.1 millions last year. Income from FX trading increased by 92% to reach SAR 12.5 million from SAR 6.5 million last year. Total operating income declined to SAR 390 million from SAR 425 million.
The balance sheet revealed that loans and advances increased by SAR 6,748 million to SAR 24,563 million, 38% over the same period in 2007. In the liabilities, customer deposits increased by 20% to SAR 33,079 million from SR 27,601 for the same period in 2007.
It is important to note that the Extraordinary General Assembly has adopted in its meeting dated 09/03/2008 the Board of Directors recommendation to increase the capital from SR 3,910 million to SR 4,500 million with the distribution of one bonus share for each 6.63 shares outstanding.
Dr. Abdulaziz AL-Abdullah Al-Ohali and other members of the Board of Directors have expressed their satisfaction for the Bank’s results and the sustained growth of its main activities.
