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Saudi Investment Bank starts earnings season with slight profit gain

: Thursday, July 03 - 2014 @ 19:08

The Tadawul All-Share Index advanced by 0.10 per cent to hit 9,687.94 points on Thursday, July 3.

The shares of  The Saudi Investment Bank edged up by 0.77 per cent to close at SAR26.20. Earlier in the day, the lender said its net profit in the first half of 2014 surged to SAR352.9 million, up 10.14 per cent year on year. The six-month profit amounted to SAR690.4 million, representing an increase of 8.78 per cent.

The Saudi Investment Bank said it managed to increase its operational profitability and a the same time it lowered its operating expenses. However, “the increase in operating income for the current period is due to the change in accounting treatment of the banks investment in one of its associates which resulted in non-recurring income recorded in gains on non-trading investments, net booked in the first quarter of 2014.”

Gérard Al-Fil

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Thursday, July 3- 2014 @ 19:08 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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