Riyadh – Mubasher: Saudi Investment Bank (SAIB) reported on Wednesday a 37.56% decrease in its net profits of the third quarter of 2016.
The company posted SAR 219.4 million ($58.5 million) in Q3-16 from SAR 351.4 million ($93.7 million) in Q3-15, according to a bourse filing.
The decrease in the bank’s net profits is attributed to higher operating expenses by 54.18% resulting from the increase in both impairment charge for investments and credit impairment charge.
Operating income increased by 4.97% due to the increase in net special commission income and exchange income, which also contributed to lower profits, the statement said.
The bank’s net profits retreated 31.79% to SAR 750.8 million in the first nine months of 2016 from SAR 1.1 billion million in the year-ago period.
