RIYADH: The Saudi Investment Bank, or SAIB, saw its profit rise to SR1.2 billion ($319 million), buoyed by higher operating income in the first nine months of 2022.
This represents a 49 percent leap from SR776 million in the same period a year ago, according to a bourse filing.
Following the announcement, its stock prices jumped 0.78 percent to end the day at SR18.20.
The hike in profits was mainly attributed to a rise in operating income of 16 percent, due to higher net special income that surged by 17 percent on the year.
Owing to lower provisions for credit and other losses, the operating expenses of SAIB were cut by 13 percent.
The bank’s earnings per share edged up from SR0.75 to SR1.10 during the nine-month period.
For the third quarter of 2022, the bank posted a 101 percent spike in profits to SR550 million.