The Saudi Investment Bank Announces its interim 1st Quarter as of 31/03/2011 Results

The Saudi Investment Bank Announces its interim 1st Quarter as of 31/03/2011 Results (Three Months) as follows:

The first quarter net income was SAR 208 million compared to SAR 21 million for the same quarter last year with an increase of 890%, and compared to a net income of SAR 238 million for the previous quarter with a decrease of 13%.
Operating income for the first quarter reached SAR 414 million compared to SAR 451 million for the same quarter last year, a decrease of 8%.
Net special commission income for the first quarter reached SAR 316 million compared to SAR 312 million for the same quarter last year, an increase of 1%.
Earnings per share for the three months reached SAR 0.38 compared to SAR 0.04 for the same period last year.
Assets as of 31/03/2011 reached SAR 51,219 million compared to SAR 49,492 million for the same period last year with an increase of 3%. Investments reached SAR 9,242 million compared to SAR 11,077 million for the same period last year with a decrease of 17%. Loans and advances reached SAR 30,779 million compared to SAR 30,654 million for the same period last year with an increase of 0.4%. Customers’ deposits reached SAR 37,971 million compared to SAR 36,511 million for the same period last year with an increase of 4%.
The increase in net income was mainly due to the decrease in operating expenses. Earnings per share for the first quarter of 2010 was SAR 0.04, and this was recalculated to reflect the increase in the bank’s capital from 450 million shares to 550 million shares which was approved in the Extraordinary General Assembly meeting on 26/03/2011.