The Saudi Investment Bank Announces the 2009 Year-End Results

  The Saudi Investment Bank announces its annual financial results for the year ending 31 December, 2009 as follows:

1. The fourth quarter net loss was SAR 109 million compared to a loss of SAR 91 million for the same quarter last year with an increase of 20%, and compared to a net income of SAR 203 million for the previous quarter.
2. Operating income for the fourth quarter reached SAR 468 million compared to SAR 427 million for the same quarter last year, an increase of 10%.
3. Net special commission income for the fourth quarter reached SAR 271 million compared to SAR 200 million for the same quarter last year, an increase of 36%.
4. Net income for the year reached SAR 522 million compared to SAR 513 million for last year, an increase of 2%.
   • Earnings per share reached SAR 1.16 compared to SAR 1.14 for the same period last year.
   • Operating income for the year reached SAR 1,517 million compared to SAR 1,938 million for last year, a decrease of 22%.
   • Net special commission income for the year reached SAR 1,014 million compared to SAR 1,026 million for last year, a decrease of 1%.
   • Assets reached to SAR 50,148 million compared to SAR 53,596 million for the same period last year with a decrease of 6%. Investments reached SAR 11,554 million compared to SAR 13,450 million for the same period last year with a decrease of 14%. Loans and advances reached SAR 29,785 million compared to SAR 29,556 for the same period last year with an increase of 1%. Customers’ deposits reached SAR 38,247 million compared to SAR 40,702 for the same period last year with a decrease of 6%.
   • The decrease in the fourth quarter net income was due to the amount of provisions taken to continue supporting the bank’s financial position.