Riyadh – Mubasher: Saudi Investment Bank posted on Wednesday a growth of 64.24% in its profits for the first quarter of fiscal year 2017 to SAR 344.9 million, versus EGP 210 million for Q1-16.
Net profit for Q1-17 rose 14.13% quarter-on-quarter, according to a statement to the bourse.
The bank attributed the rise in Q1 profits to an increase of 5.80% in operating income due to higher net special commission income and fees from banking services.
Special commission income for the first three months of FY17 amounted to SAR 877 million, rising 22% compared to SAR 717 million for the same period last year.
The stock closed Tuesday’s trading at SAR 12.35, falling 4.78%
