Saudi Investment bank posts 14 percent profit rise
The Saudi Investment Bank reported that its net profits reached SR 243 million ($64.8 million) in the first nine months of 2001, up from SR 213 million ($56.8 million) in the corresponding period of 2000. This translates into a 14 percent increase.
The Saudi Investment Bank posted a net operating income of SR 188.4 million between January and September 1999, indicating 13.2 percent growth in 2000.
Operating income increased from SR 338.5 million ($90 million) to SR 375 million ($99 million), an 11 percent climb. Customer deposits value rose from SR 10.03 billion ($2.5 billion) to SR 11.31 billion ($3 billion) during the same period.
The Return on assets reached 2.3 percent, compared with 2.1 percent for the same period last year and the Return on shareholders’ equity rose to 16.1 percent.
The bank’s assets increased 12 percent, reaching SR 14.9 billion compared with SR 13.3 billion for the same period last year. The investment portfolio increased 16 percent, totaling SR 703 million in September 2001. The Bank’s loan portfolio increased to SR 7.9 billion, with a growth ratio of eight percent.
The Saudi Investment Bank (SAIB) is a joint stock company established in 1976. SAIB is a full service wholesale commercial bank specializing in financing the requirements of sophisticated private sector companies. — (Mena Report)
© 2001 Mena Report (www.menareport.com)