JEDDAH, 14 April 2005 — Saudi Investment Bank said yesterday that its first-quarter net profit rose 68 percent to SR211 million ($56 million) compared to last year’s SR125.6 million.
SAIB’s earnings per share rose to SR6.14 from SR3.65 while its total assets reached SR32.4 billion by the end of last month, registering a growth rate of 37.3 percent.
Income from banking services increased 61 percent to SR97.74 million and customer deposits climbed 45.7 percent to SR23.9 billion. Its investment and loan portfolios grew by 24.5 percent and 30.6 percent respectively.
Shares in Saudi Investment Bank were up 1.89 percent at SR580.75 at the mid-day break in trading before the announcement.
The Riyadh-based bank is the Kingdom’s eighth-largest listed bank in terms of market capitalization. It is owned by Saudi investors and several Saudi and foreign banks, including J.P. Morgan Chase & Co.
Dr. Abdul Aziz Al-Ouhali, chairman of the bank’s board, expressed his satisfaction over the bank’s good performance.
“Our bank is going forward in the right track achieving growth and expansion. It has gained an important position among financial institutions in the region,” he said.
Ouhali attributed the bank’s remarkable achievements to the hard work of its well-qualified young Saudi staff.
“The board and shareholders are proud of them,” he added.