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The company’s financial statements for the six months that ended June 30, 2019, show that net profit, compared to the same period last year, decreased by 104%.
The bank’s executive director associates the indicators with an increase in operating expenses, an increase in loan and salary reserves, costs related to employees, depreciation, and amortization.
At the same time, total operating income rose 0.6%. The statements state that this is due to an increase in net special fee and commission income, exchange income, and unrealized fair value through profit or loss.
After deducting zakat and income tax, net profit for six months reached the level of 285 million riyals, and the loss amounted to 3 million riyals. Earnings per share for the same period are equal to SAR 0.86.
Despite declining profits and losses, Fitch Ratings notes that Saudi Investment Bank’s operating profit, liquidity, and capital adequacy ratios are high and exceed established requirements.
Fitch Ratings affirms the issuer’s long-term default rating of “VVV+” with a stable outlook, bank viability rating, and bank support rating of “BBB-” and “VVV +.” The agency’s assessment is based on the experience of supporting Saudi banks by the Saudi government. The kingdom is often ready to maintain stability in the domestic financial system.
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