13 July, 2024
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Lower expenses push SAIB’s net profit to $283m during 2021


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Tue, 2022-02-08 16:46

RIYADH: Profits of the Saudi Investment Bank, also known as SAIB, have jumped to SR1.06 billion ($283 million) during 2021, bolstered by a fall in expenses.

This represents an 8.38 percent profit leap from SR979 million a year ago, according to a bourse filing.

The hike in profits was mainly attributed to lower operating expenses as well as an increase in net special income, the bank said in a statement.

Owing to lower provisions for credit losses that fell by 39.7 percent during the year, operating expenses of the bank were cut by 6.5 percent.

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