Riyadh – Mubasher: Saudi Investment Bank (SAIB) on Thursday posted a net profit of SAR 210 million ($56 million) for the first three months of 2016, a decline of 42.73% from SAR 366.7 million ($97.8 million) in the corresponding period last year.
Operating expenses were up 29.84% during Q1-16 following an increase in the impairment charge for both credit losses and investments which were offset by a decrease in salaries and employee related expenses, the company stated in a bourse filing to the Saudi Stock Exchange (Tadawul).
Net income fell 9.43% on declining fees from banking services and gains on non-trading investments and net special commission income, SAIB added.
