Riyadh – Mubasher: Saudi Investment Bank (SAIB) achieved a 16% decrease in the profits of the second quarter of 2016 to SAR 321.4 million ($85.7 million) from SAR 382.6 million ($102 million) in Q2-15.
The decrease in the bank’s Q2-16 net profits is attributed to a 4.4% retreat in total operating income, according to a bourse filing on Wednesday.
On the other hand, operating expenses rose 8.5% year-on-year in Q2-16 due to the increase in credit loss provision.
The bank’s net profits were down 29% in H1-16 to SAR 531.4 million from SAR 749.3 million in H1-15.
