Saudi Investment Bank reports 2024 net profit of SAR 1.96 billion, up 11%, as loans grow 23%

The Saudi Investment Bank (SAIB) reported a net profit of SAR 1.96 billion for the year ended 31 December 2024, an increase of 11.07% on 2023, in annual results disclosed on the Saudi Exchange (Tadawul). Profit growth was accompanied by an expansion in lending and total assets.

The result compares with a net profit of about SAR 1.76 billion in 2023. SAIB had earned SAR 1.44 billion in the first nine months of 2024, with fourth-quarter profit at about SAR 510 million, up 14% year on year. The Riyadh-based lender is one of ten banks listed on the main market of Tadawul, where it trades under the code 1030.

LENDING GROWTH

Loans and advances rose 23.18% during the year to SAR 99.47 billion, the main driver of balance-sheet growth. Total assets increased 20.8% to SAR 157.07 billion at the end of 2024.

In absolute terms, the loan book grew by roughly SAR 18.7 billion from about SAR 80.8 billion at the end of 2023, while total assets rose by around SAR 27.1 billion from about SAR 130 billion.

BALANCE SHEET MIX

Loans and advances accounted for about 63% of SAIB's total assets at the end of 2024, up from about 62% a year earlier. Lending grew faster than both total assets and net profit during the year, with the loan book expanding at roughly twice the rate of earnings. Net profit was equivalent to about 1.25% of year-end total assets, compared with about 1.36% in 2023, as the balance sheet grew faster than earnings.