Saudi Investment Bank announces the interim financial results for the period ending on 31-03-2018 (three months)

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06/05/2018
Element
Current quarter
Similar quarter for previous year
% Change Current
Previous quarter
% Change Previous
Net profit (loss)
361.2
344.9
4.7
351.9
2.7
Total profit (loss) operation income\ Investments
686.3
625.0
9.8
677.4
1.3
Net profit (loss) special commission income\ Investments
526.8
463.0
13.8
583.6
-9.7

 

Element
Current period
similar period for previous year
% Change
Net profit (loss)
361.2
344.9
4.7
TOTAL PROFIT (LOSS) OPERATION INCOME\ INVESTMENTS
686.3
625.0
9.8
NET PROFIT (LOSS) SPECIAL COMMISSION INCOME\ INVESTMENTS
526.8
463.0
13.8
EARNING OR LOSS PER SHARE, RIYALS
0.48
0.46
TOTAL ASSETS
91,531
95,177
-3.8
INVESTMENTS
23,144
21,309
8.6
LOANS AND ADVANCES PORTFOLIO
57,896
60,290
-4.0
CUSTOMER DEPOSIT
61,032
64,437
-5.3

All figures are in (Millions) Saudi Arabia, Riyals

ELEMENT
EXPLANATION
REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH SAME QUARTER LAST YEAR
THE INCREASE IN NET INCOME WAS DUE TO THE INCREASE IN OPERATING INCOME OF 5.80% WHICH WAS MAINLY DUE TO THE INCREASE IN NET SPECIAL COMMISSION INCOME AND FEES FROM BANKING SERVICES, WHICH WAS OFFSET BY A DECREASE IN GAINS FROM NON-TRADING INVESTMENTS. OPERATING EXPENSES DECREASED BY 26.33% WHICH WAS MAINLY DUE TO THE DECREASE IN IMPAIRMENT CHARGES FOR NON-TRADING INVESTMENTS AND IMPAIRMENT CHARGES FOR CREDIT LOSSES, WHICH WAS OFFSET BY AN INCREASE IN RENT AND PREMISES RELATED EXPENSES.
REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH SAME QUARTER LAST YEAR
NET INCOME INCREASED DUE TO AN INCREASE IN TOTAL OPERATING INCOME BY 9.8% RESULTING FROM AN INCREASE IN NET SPECIAL COMMISSION INCOME AND FEE INCOME FROM BANKING SERVICES. THIS WAS OFFSET PRIMARILY BY A DECREASE IN GAINS ON INVESTMENTS. ON THE OTHER HAND, TOTAL OPERATING EXPENSES INCREASED BY 15.1% PRIMARILY DUE TO AN INCREASE IN PROVISIONS FOR CREDIT LOSSES AND RENT AND PREMISES-RELATED EXPENSES. THIS WAS OFFSET BY A DECREASE IN OTHER GENERAL AND ADMINISTRATIVE EXPENSES.
REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH PREVIOUS QUARTER
NET INCOME INCREASED DUE TO AN INCREASE IN TOTAL OPERATING INCOME BY 1.3% RESULTING FROM AN INCREASE IN FEE INCOME FROM BANKING SERVICES AND GAINS ON INVESTMENTS. THIS WAS OFFSET BY A DECREASE IN NET SPECIAL COMMISSION INCOME AND EXCHANGE INCOME. ON THE OTHER HAND, OPERATING EXPENSES DECREASED 0.9% PRIMARILY DUE TO A DECREASE IN OTHER GENERAL AND ADMINISTRATIVE EXPENSES WHICH WAS OFFSET BY AN INCREASE IN PROVISIONS FOR CREDIT LOSSES.
RECLASSIFICATIONS IN QUARTERLY FINANCIAL RESULTS
THE PREVIOUS PERIOD NUMBERS HAVE BEEN RECLASSIFIED/ ADJUSTED TO CONFORM TO THE CURRENT PERIOD PRESENTATION.
Other notes
EARNINGS PER SHARE FOR THE THREE MONTHS OF 2017 WAS SAR 0.46, 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 HELD ON 17/04/2017.
SPECIAL COMMISSION INCOME FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2018 REACHED SAR 890 MILLION COMPARED TO SAR 877 MILLION FOR THE SAME PERIOD LAST YEAR, AN INCREASE OF 1.5%.
TOTAL COMPREHENSIVE INCOME FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2018 WAS SAR 270 MILLION AS COMPARED TO SAR 353 MILLION IN THE CORRESPONDING PERIOD OF LAST YEAR, A DECREASE OF 23.5%. TOTAL COMPREHENSIVE INCOME FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2018 WAS SAR 270 MILLION AS COMPARED TO SAR 342 MILLION IN THE PREVIOUS QUARTER, A DECREASE OF21.1%. TOTAL EQUITY (NO MINORITY INTEREST) INCREASED BY 7.8% TO REACH SAR 14.7 BILLION AS OF MARCH 31, 2018 COMPARED TO SAR 13.7 BILLION AS OF MARCH 31, 2017. TOTAL EQUITY AS OF MARCH 31, 2018 INCLUDES SAR 1,785 MILLION IN TIER 1 SUKUK, SAR 500 MILLION ISSUED IN THE FOURTH QUARTER OF 2016, SAR 285 MILION ISSUED IN THE SECOND QUARTER OF 2017, AND SAR 1,000 MILION ISSUED IN THE FIRST QUARTER OF 2018.