Saudi Investment Bank posts higher H1 profit of $162m as operating income rises

RIYADH: The Saudi Investment Bank, or SAIB, saw its profit rise to SR608 million ($162 million), buoyed by higher operating income in the first half of 2022.

This represents a 21 percent leap from SR501 million in the same period a year ago, according to a bourse filing.

The hike in profits was mainly attributed to a rise in operating income of 10 percent, due to higher net special income that surged by 12 percent on the year.

Owing to lower provisions for credit and other losses, the operating expenses of SAIB were cut slightly by 0.8 percent.

The bank’s earnings per share edged up from SR0.48 to SR0.56 during the six-month period.