The Saudi Investment Bank, An Islamic Bank reports quarterly profits up from SAR 320.4 million a year ago and up 4.56 per cent from SAR 337.5 million in Q1 2014.
H1 2014 profits were SAR 690.4 million, up 8.78 per cent. Earnings per share rose from SAR 1.06 to SAR 1.15. Total assets were up 32.11 per cent at SAR 88,063 million. earnings per share for the first six months of 2013 were recalculated to reflect the increase in the bank’s capital from 550 million shares to 600 million shares which was approved in the extraordinary general assembly meeting on 1 April 2014.
Loans and advances were up 35.51 per cent at SAR 54,766 million. Customer deposits rose 39.47 per cent to SAR 67,725 million.
The bank noted that the increase in operating income for the current period is due to the change in accounting treatment of the bank’s investment in one of its associates which resulted in non-recurring income recorded in gains on non-trading investments, net booked in Q1 2014.
Originally published on http://www.cpifinancial.net