Saudi Investment Bank posts SAR 1.76 bln net profit in ’23

The Saudi Investment Bank (SAIB) reported a net profit of 1.76 billion Saudi riyal (about $469,3 million) in 2023, a 16.8 per cent rise due to an increase in total operating income, the Saudi exchange disclosed on Sunday.

The bank’s annual financial results for 2023 showed that total operating income grew by 21 per cent year-on-year (YoY) as net special commission income rose due to an increase in net financing and investment commission income by 20 per cent YoY.

Total shareholders’ equity, excluding minority interests, reached 14,520 riyals in 2023 compared to 13,575 riyals in the previous year, recording a 6.96 per cent growth, the company added.