)The Saudi Investment Bank Announces the Interim Financial Results) for the period ended 30/06/2017 (six months

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27/07/2017
Element
Current quarter
Similar quarter for previous year
% Change Current
Previous quarter
% Change Previous
Net profit (loss)
355.6
321.4
10.6
344.9
3.1
Total profit (loss) operation income\ Investments
655.8
612.2
7.1
625.0
4.9
Net profit (loss) special commission income\ Investments
486.4
420.7
15.6
463.0
5.1

 

Element
Current period
similar period for previous year
% Change
Net profit (loss)
700.6
531.4
31.8
Total profit (loss) operation income\ investments
1,280.8
1,202.9
6.5
Net profit (loss) special commission income\ investments
949.5
833.5
13.9
Earning or loss per share, riyals
0.93
0.71
--
Total assets
96,827
95,946
0.9
Investments
21,623
20,460
5.7
Loans and advances portfolio
61,626
61,251
0.6
Customer deposit
66,557
68,087
-2.2

All figures are in (Millions) Saudi Arabia, Riyals

ELEMENT
EXPLANATION
REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH SAME QUARTER LAST YEAR
NET INCOME INCREASED DUE TO THE INCREASE IN TOTAL OPERATING INCOME BY 7.1% RESULTING FROM THE INCREASE IN NET SPECIAL COMMISSION INCOME. THIS WAS PARTIALLY OFFSET BY A DECREASE IN GAINS ON INVESTMENTS, EXCHANGE INCOME AND DIVIDEND INCOME. ON THE OTHER HAND, TOTAL OPERATING EXPENSES INCREASED BY 4.3% DUE TO THE INCREASE IN IMPAIRMENT CHARGES FOR BOTH CREDIT LOSSES AND INVESTMENTS.
REASON OF INCREASE (DECREASE) FOR PERIOD COMPARED WITH THE SAME PERIOD LAST YEAR
NET INCOME INCREASED DUE TO THE INCREASE IN TOTAL OPERATING INCOME BY 6.5% RESULTING FROM THE INCREASE IN NET SPECIAL COMMISSIONS INCOME AND FEE INCOME FROM BANKING SERVICES. THIS WAS PARTIALLY OFFSET BY A DECREASE IN GAINS ON INVESTMENTS, DIVIDEND INCOME AND EXCHANGE INCOME. ON THE OTHER HAND, TOTAL OPERATING EXPENSES DECREASED BY 13.1% RESULTING FROM THE DECREASE IN IMPAIRMENT CHARGES FOR BOTH CREDIT LOSSES AND INVESTMENTS. THIS WAS PARTIALLY OFFSET BY AN INCREASE IN RENT AND PREMISES-RELATED EXPENSES.
REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH PREVIOUS QUARTER
NET INCOME INCREASED DUE TO THE INCREASE IN TOTAL OPERATING INCOME BY 4.6% RESULTING FROM THE INCREASE IN NET SPECIAL COMMISSION INCOME AND DIVIDEND INCOME. THIS WAS PARTIALLY OFFSET BY A DECREASE IN FEE INCOME FROM BANKING SERVICES. ON THE OTHER HAND, OPERATING EXPENSES INCREASED BY 8.1% DUE TO THE INCREASE IN IMPAIRMENT CHARGES FOR BOTH CREDIT LOSSES AND INVESTMENTS.
RECLASSIFICATIONS IN QUARTERLY FINANCIAL RESULTS
THE PREVIOUS PERIOD NUMBERS HAVE BEEN RECLASSIFIED TO CONFORM TO THE CURRENT YEAR PRESENTATION.
OTHER NOTES
Earnings per share for the FIRST SIX MONTHS of 2016 was SAR 0.71, WHICH was recalculated to reflect the increase in the banks capital from 700 million shares to 750 million shares which was approved in the Extraordinary General Assembly meeting on 17/04/2017.
OTHER NOTES
SPECIAL COMMISSION INCOME FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2017 REACHED SAR 1,722 MILLION COMPARED TO SAR 1,490 MILLION FOR THE SAME PERIOD LAST YEAR, AN INCREASE OF 15.6%. SPECIAL COMMISSION INCOME FOR THE THREE MONTH PERIOD ENDED JUNE 30, 2017 REACHED SAR 846 MILLION COMPARED TO SAR 773 MILLION FOR THE SAME PERIOD LAST YEAR, AN INCREASE OF 9.4%.
TOTAL COMPREHENSIVE INCOME FOR THE SIX MONTHS PERIOD ENDED 30 JUNE 2017 WAS SAR 612 MILLION AS COMPARED TO SAR 359 MILLION IN LAST YEAR, AN INCREASE OF 70.5%. TOTAL COMPREHENSIVE INCOME FOR THE THREE MONTHS PERIOD ENDED 30 JUNE 2017 WAS SAR 259 MILLION AS COMPARED TO SAR 343 MILLION IN CORRESPONDING PERIOD OF LAST YEAR, A DECREASE OF 24.5%. TOTAL COMPREHENSIVE INCOME FOR THE THREE MONTHS PERIOD ENDED 30 JUNE 2017 WAS SAR 259 MILLION AS COMPARED TO SAR 353 MILLION FOR THE PREVIOUS QUARTER, A DECREASE OF 26.6%. TOTAL COMPREHENSIVE INCOME FOR THE THREE MONTHS PERIOD ENDED 30 JUNE 2017 WAS SAR 259 MILLION AS COMPARED TO SAR 343 MILLION IN CORRESPONDING PERIOD OF LAST YEAR, A DECREASE OF 24.5%.
TOTAL EQUITY INCREASED BY 18.5% TO REACH SAR 13.9 BILLION AS OF JUNE 30, 2017 COMPARED TO SAR 11.7 BILLION FOR THE SAME PERIOD LAST YEAR. TOTAL EQUITY AS OF JUNE 30, 2017 INCLUDES SAR 785 MILLION SUBORDINATED TIER 1 SUKUK, 500 MILLION ISSUED IN THE FOURTH QUARTER OF 2016 AND 285 MILION ISSUED IN THE SECOND QUARTER OF 2017.