The Saudi Investment Bank's profits jumped 131% during the 9-month period to reach 714.4 million riyals, compared to 309 million riyals in the same period last year.
According to Arabiya Net, the bank's profits decreased by 3.3% to 301 million riyals in the third quarter, compared to 312 million riyals in the same quarter of last year.
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and the decrease in net profit in the third quarter resulted mainly from the decrease in total operating income as a result of the decrease in gains from debt securities listed at their fair value through other comprehensive income items, and profits. Foreign currency conversion, fair value through profit and loss, offset by an increase in net special commission income, fee income for banking services, and income from other operations.
and the total operating expenses decreased by 3.9%, which resulted mainly from the decrease in provisions for credit losses and other losses, building rent and expenses, depreciation and amortization, and other general and administrative expenses, offset by an increase In the salaries and expenses of employees.
while the bank attributed the increase in net profit by 131.5% within 9 months to the decrease in total operating expenses as a result of the decrease in provisions for credit losses and other losses, rent and building expenses, and expenses Other general and administrative, offset by a rise in salaries and employee expenses, and depreciation and amortization.
and total operating income increased by 2.4%, mainly resulting from the increase in net special commission income, foreign exchange earnings, dividends, and other operations income, offset by a decrease in Fee income from banking services, fair value through profit and loss, and gains from debt securities carried at their fair value through other comprehensive income items.
