SIB Reports Net Profit Increase for the First Half of 2008

 The Saudi Investment Bank reported a net profit of SR 538 million as of 30 June 2008, a 1.3% increase compared to SR 531 million for the same period last year.

SIB’s Net Commission Income increased by 13.5% to SR 605 million compared to SR 533 million last year. Fees on banking services also increased to SR 289 million or 42% compared to SR 203 million of last year. Total Operating Income reached SR 794 million, up by 3% over the SR 773 million in 2007.

Net Income for the 2nd Quarter 2008 totalled SR 280 million, a 24% increase as opposed to SR 225 million of 2007. As of 30 June 2008, earnings per share stood at SR 1.20 compared to last year’s SR 1.18.

Despite the sustained expansion witnessed by the opening of new branches and increased business volume, the Bank succeeded to continue controlling expenses. The Total Operating Expenses increased only by 2%.

The Bank’s balance sheet for the period showed an increase in loans and advances by SR 8,412 million or 43% to SR 28,140 million over the same period in 2007, while the liability side showed increased customer deposits of SR 36,863 million, up by 33% from SR 27,695 in 2007. Shareholders equity was up by 10% or SR 667 million, to reach SR 7,115 million.

The Chairman, Dr. Abdulaziz O’Hali, and the members of the Board of Directors, had expressed full satisfaction with the continuous increase in SIB’s performance and sustained growth particularly in its main activities.