The Saudi Investment Bank Announces Financial Results for the period ended 31/12/2011 (12 months)

11/01/2012

The Saudi Investment Bank announces its 2011 year-end results as follows:

  1. The fourth quarter net income was SAR 147 million compared to SAR 238 million for the same quarter last year with a decrease of 38%, and compared to a net income of SAR 144 million for the previous quarter with an increase of 2%.
  2. Operating income for the fourth quarter reached SAR 382 million compared to SAR 412 million for the same quarter last year, a decrease of 7%.
  3. Net special commission income for the fourth quarter reached SAR 287 million compared to SAR 324 million for the same quarter last year, a decrease of 11%.
  4. Net income for the year reached SAR 708 million compared to SAR 429 million for last year, an increase of 65%.
  5. Earnings per share for the year reached SAR1.29 compared to SAR 0.78 for the same period last year.
  6. Operating income for the year reached SAR 1,616 million compared to SAR 1,749 million for last year, a decrease of 8%.
  7. Net special commission income for the year reached SAR 1,226 million compared to SAR 1,315 million for last year, a decrease of 7%.
  8. Assets reached SAR 51,946 million compared to SAR 51,491 million for the same period last year with an increase of 1%. Investments reached SAR 9,788 million compared to SAR 8,925 million for the same period last year with an increase of 10%. Loans and advances reached SAR 27,114 million compared to SAR 31,002 million for the same period last year with a decrease of 13%. Customers' deposits reached SAR 36,770 million compared to SAR 37,215 million for the same period last year with a decrease of 1%.
  9. The decrease in net income for the fourth quarter of 2011 compared to the same period last year is primarily due to an increase in operating expenses in that quarter, while the increase in net income for the 12-month period in 2011 compared to the same period last year is primarily due to a decrease in operating expenses. Earnings per share for the year of 2010 was SAR 0.78, and this was recalculated to reflect the increase in the bank's capital from 450 million shares to 550 million shares which was approved in the Extraordinary General Assembly meeting on 26/03/2011.