RIYADH: Profits of the Saudi Investment Bank, also known as SAIB, have jumped to SR1.06 billion ($283 million) during 2021, bolstered by a fall in expenses.
This represents an 8.38 percent profit leap from SR979 million a year ago, according to a bourse filing.
The hike in profits was mainly attributed to lower operating expenses as well as an increase in net special income, the bank said in a statement.
Owing to lower provisions for credit losses that fell by 39.7 percent during the year, operating expenses of the bank were cut by 6.5 percent.
The bank’s earnings per share edged up from SR1.25 to SR1.34 in 2021.