The Saudi Investment Bank announced that with an increase of 5.2 %, it has achieved profits more than SR 70 Million at the end of the First Quarter of 2000 compared with SR 66.6 Million for the same period a year earlier.
The profits thus achieved are a manifestation of the sustained growth of the Bank's business, its capability to compete and achieve success in carving out a new market share despite the tough competition among the banks of this region. The figures of the Balance Sheet and Income Statement were characterized with a significant growth at all levels of the Bank's activities.
The Balance Sheet does highlight the growth of the Bank's assets which reached to SR 13256 Million compared with SR 12564 Million during the same period in the last year and the Bank could be aptly able to increase its share in the market of the customers' deposits which rose to SR 1132 Million or with increase of 14%. At the same time, the Bank was able to increase its loan portfolio to SR 6761 Million i.e. with an increase of 7%.
The investment portfolio rose to SR 4210 Million with an increase of 18%, and the shareholders' equity continued to increase until it reached SR 1770 Million compared with SR 1582 Million during the same period in the last year. The capital increased from SR 858 Million to SR 1000 Million.
On the expenses side, the Bank continued to keep its expenses well under control, while at the same time, it could achieve increase in its revenues. The Bank is concerned with increasing its efficiency by managing its available resources and achieve the best possible return. Through implementation of this policy, the Bank achieved the best efficiency ratio among all Saudi and regional Banks.
Dr. Abdul Aziz Abdullah Al Ohali, expressed his complete satisfaction with the results and development achieved by the Bank and its business growth in the market looking forward to the Bank's achieving distinguished results during the Year 2000 in line with the previous years, stressing at the same time that the Bank shall be continuing to invest in the operating systems, technology and qualified work force.
