The Saudi Investment Bank reports increase in its profits by 25% and declares dividend distribution by 50%

The Statement of Income showed increase in all of its items. The gross income witnessed a growth ratio of 22%, surging to SR 608 Million with an increase exceeding SR 110 Million higher than the last year.

The Bank continued to follow its conservative policy towards setting aside provisions for possible loan losses, that a provision of SR 52.2 Million has been made during this year compared with SR 40 Million for the last year, despite the balance of such provision has significantly exceeded the balance of non-operating loans.

The Board of Directors has approved the recommendation for distribution of net cash dividend for SR. 12 per share compared with SR 8 in the last year and this will be presented to the General Assembly Meeting for approval.

The above results being the largest in the history of the Bank, reflect the growth of the Bank's business activities and increase in volume of its assets up to SR 19,957 Million at the end of this year compared with SR 15,252 for the same period during the last year with an increase of 31%. The Bank continued to support the production sectors of our national economy, and thus could be able to increase its loans portfolio up to SR 8,891 Million at the end of this year compared with SR. 7,527 Million during the last year i.e. with 18% increase.

On the liabilities side, customers' deposits in the Bank increased by 28.5% to reach SR 14,065 Million compared with SR 10,950 Million a year earlier. Dr. Abdul Aziz Al- Abdullah Al Ohali, Chairman of the Saudi Investment Bank, expressed his and other Board members' happiness with the distinguished results achieved by the Bank and its substantial business growth, carving out a market share with excellent capability and distinct professionalism as well as its greater efficiency in managing its resources. The Chairman commented that achievement of these results is coinciding with an important era of the Bank's history as the Bank is celebrating , in year 2000, 25 years of its formation. On the other hand, Mr. Saud Al Saleh, the General Manager of the Bank, said that the business pattern and strategy pursued by the Bank has enabled it to continue achieving business growth and ever increasing results whereby it has acquired flexibility to succeed in all business activities and services it has been providing to its customers. He explained that a number goals and achievements have been accomplished during the year of 2002 the significant of which was the formation of SIB Sharia Committee consisting of such scholars who have wide knowledge and rich experience in Sharia treatment of the economic issues and financing methods, as well as offering credit products for individuals and Saudi Riyals Credit Card from American Express in which The Saudi Investment has 50% of shareholding.