Riyadh – Mubasher: The Saudi Investment Bank (SAIB) recorded net profits of SAR 442.40 million during the first quarter (Q1) of 2024, which were 8.19% higher than SAR 408.90 million in Q1-23.
On a quarterly basis, the Q1-24 profits were marginally down by 1.09% from SAR 447.30 million in Q4-23, according to the financial results.
The earnings per share (EPS) as of 31 March 2024 reached SAR 0.43 compared with SAR 0.39 in the same period a year earlier.
SAIB’s customer deposits grew by 11.63% to SAR 88.43 billion during the January-March 2024 period from SAR 79.21 billion during the same three months (3M) in 2023.
The assets also increased by 11.89% to SAR 136.40 billion as of 31 March 2024 compared with SAR 121.90 billion in the same period last year, while the investments soared by 13.68% to SAR 34.16 billion from SAR 30.05 billion.
In 2023, the bank registered net profits worth SAR 1.76 billion and customer deposits totalling SAR 83.23 billion.
