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.