Investor Presentaiton
14% growth in 9M 2023 earnings driven by NCSI growth moderated by lower recoveries
Net income increased 14% YoY in 9M 2023 driven by strong growth of 26% in
operating income, partially offset by an increase of 18% in operating expenses and a rise
in impairment charges from elevated recoveries in the prior year
Net income during 3Q 2023 declined 16% YoY despite 17% income growth due to
elevated recoveries in 3Q 2022, while it increased by 4% QoQ
Total Operating Income Movement YoY (SARMn)
+26%
2,663
30
2,954
SAR Million
3Q 2023
3Q 2022
A
9M 2023
9M 2022
A
2,348
Net special commission income
887
758
+17%
Fee and other income
118
100
+17%
2,592
362
Total operating income
1,005
858
+17%
Operating expenses before impairments
(405)
Provisions for credit and other losses
(87)
149
(364) +11%
-159%
2,954
(1,232)
(248)
58
2,017
331
2,348 +26%
(1,048) +18%
-531%
+29%
(2,087)
+9%
9M 22
SCI
SCE
Fee &
Other Inc.
9M 23
Net Operating Income
512
643
-20%
1,473
Share in earnings of associates
24
28
-12%
55
1,357
55
+9%
Net Income Movement YoY (SARMn)
Income before provisions for Zakat
537
671
-20%
1,528
1,412
+1%
+8%
+14%
Provisions for Zakat
(75)
(121)
-38%
(214)
Net Income attributed to equity holders
462
550
-16%
1,314
(254) -16%
1,158
+14%
576
30
0
40
1,314
Earnings per share
0.45
0.53
-16%
1.21
1.10
Net interest margin
2.98%
Cost to income ratio
Cost of risk
40.3%
0.43%
Return on tangible common equity
13.3%
16.4%
3.05% -7bps 3.07%
42.4% -2.1ppt
41.7%
-0.95% +139bps 0.43%
12.2%
-3.1ppt
+11%
2.83% +24bps
44.7% -2.9ppt
-0.16% +59bps
10.7% +1.5ppt
1,158
(184)
(306)
9M 22
NSCI
Fee &
Other Inc.
Operating Impairments Associates
Inc.
exp.
Zakat
9M 23
The Saudi Investment Bank - 3Q 2023 Investor Presentation
P. 30View entire presentation