Riyadh – Mubasher: Saudi Investment Bank (SAIB) reported its interim financial results for the third quarter of 2019.
Net profits plunged by 9.7% to SAR 311.9 million in Q3-19, compared to SAR 345.7 million in Q3-18, according to the bank’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.
SAIB attributed the fall in profits to the increase in provisions for Zakat and Income Tax, while the income before provisions for Zakat and Income Tax increased by 11.1%.
The bank’s revenues inched up by 2.6% on a yearly basis to SAR 980.8 million during the three-month period ended September.
During the first nine months of 2019, SAIB’s net profits slipped by 69.9% to SAR 308.6 million, versus SAR 1.02 billion in the same period a year ago.
Total revenues of the Saudi-based lender grew by 10.3% to SAR 2.9 billion by the end of September, from SAR 2.6 billion in September 2018.
The bank’s assets registered SAR 96.2 billion in nine months, while investments reached SAR 26.11 billion over the same period.
Profit per share stood at SAR 0.34 by the end of September, against SAR 1.3 in the same period last year.
