The Saudi Investment Bank announces its Annual Financial Results for the Year Ended on 31-12-2024

ELEMENT LIST

Current YEAR

PREVIOUS YEAR

% Change

Total Income From Special Commission of Financing

6,752.6

5,517.1

22.39

Total Income From Special Commission of Investment

2,111.5

1,898.1

11.24

Net Income From Special Commission of Financing

2,790.6

2,709.9

2.98

Net Income From Special Commission of Investment

746.1

707.3

5.49

Total Operations Profit (Loss)

4,178

3,966.6

5.33

Net Profit (Loss) before Zakat and Income Tax

2,269.9

2,028.3

11.91

Net profit (Loss)

1,956.6

1,761.6

11.07

Total Comprehensive Income

2,000.1

1,962.8

1.9

Assets

156,667

129,984

20.53

Investments

40,431

32,301

25.17

Loans and Advances Portfolio (Financing & Investment)

99,466

80,751

23.18

Clients' deposits

94,013

83,233

12.95

Total Shareholder’s Equity (After Deducting The Minority’s Rights)

15,416

14,520

6.17

Total Operating Expenses Before Provisions for Credit and Other Losses

1,734.5

1,656.8

4.69

Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net

290

358.7

-19.15

Profit (Loss) per Share

1.43

1.28

Element List

Amount

Percentage of the capital (%)

Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value

-

-

Element

Explanation

The reason of the increase (decrease) in the special commission income during the current year compared to the last year is

Net financing and investment income increased by 3.5% primarily due to an increase in gross financing and investment return.

The reason of the increase (decrease) in the net profit during the current year compared to the last year is

Net profit increased by 11.1% due to an increase in total operating income, as well as a decrease in provisions for credit and other losses.

Total operating income increased by 5.3% primarily due to increases in net special commission income, fair value through statement of income and fee income from banking services, which was partially offset by decreases in gains on disposals of FVOCI debt securities, and exchange income.

Total operating expenses increased marginally by 0.4% due to an increase in general and administrative expenses as well as salaries and employee-related expenses, which was mostly offset by decrease in provisions for credit and other losses, rent and premises related expenses in addition to decrease in depreciation & amortization.

The reason of the increase (decrease) in the total net provision of expected credit losses and other losses (reversing entry) during the current year compared to the last year is

Net provision of expected credit losses and other losses decreased by 19.2% primarily due to lower net charges for loans and advances.

Statement of the type of external auditor's report

Unmodified opinion.

Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion)

N/A

Reclassification of Comparison Items

Certain prior year amounts have been reclassified to conform to current year presentation.

Additional Information

Earnings per share for the year ended December 31, 2024 and 2023 was SAR 1.43 and 1.28 respectively, which was calculated by dividing net income adjusted for Tier I Sukuk costs by 1,247 million shares and 1,250 million shares respectively representing the weighted average of the issued and outstanding shares after giving effect of the issuance of 250 million bonus shares and the purchase of 2.7 million treasury shares.


The weighted average number of outstanding shares have been retrospectively adjusted.