Riyadh – Mubasher: Saudi Investment Bank (SAIB) posted net profits of SAR 301.4 million in the third quarter (Q3) of 2020, down by 3.4% year-on-year (YoY) from SAR 311.9 million.
The fall in net profits was ascribed to a decline in total operating income due to the decrease in gains on FVOCI debt securities, exchange income, and fair value through profit and loss, the bank said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday.
This was partially offset by higher net special commission income, fee income from banking services, and other income.
Total operating expenses slid by 1.9% to SAR 724.9 million in Q3-20 from SAR 739.3 million in the year-ago period, while revenues from special commissions, financing, and investments dropped by 20.5% YoY to SAR 778.9 million in the July-September period from SAR 980.8 million.
As for the first nine months of 2020, the bank’s net profits jumped by 131.4% to SAR 714.4 million from SAR 308.6 million in the prior-year period.
