The Saudi Investment Bank achieved a growth in net profit of 310%, amounting to 980 million riyals during the year 2020, compared to 239 million riyals profits during 2019.
This comes at a time when the bank’s revenues fell by 16.4% to 3.26 billion riyals ..
According to Arabnet, the bank said in a statement that the reason for the increase in profits is due to the decrease in total operating expenses, as a result of the decrease in provisions for credit losses and other losses, other general and administrative expenses, rent and building expenses, offset by an increase in salaries and employee expenses, depreciation and amortization, and zakat allocations. And income tax.
The total operating income increased by 1%, mainly resulting from the increase in net special commission income, fee income for banking services, foreign exchange earnings and gains from debt securities. It is stated at its fair value through other comprehensive income, and dividends, offset by a decrease in the fair value through profit and loss, and income from other operations.
