The Saudi Investment Bank’s profits increased by about 17% to record 1.76 billion riyals during 2023, compared to 1.50 billion riyals during the same period in 2022.
Net operating income reached 3.96 billion riyals during 2023, compared to 3.27 billion riyals, an increase of 21%.
The bank attributed the increase in profits to the increase in total operating income, which resulted mainly from the increase in net special commission income, fair value through profits and losses, and gains from debt securities, in addition to the increase in operations expenses.
Total operating expenses increased by 23%, resulting mainly from an increase in provisions for credit and other losses, other general and administrative expenses, depreciation and amortization, rent and building expenses, and employee salaries and expenses.
