A burgeoning Saudi economy augured well for the local commercial banks as evidenced by substantial gains they recorded in the second quarter of this year. The Saudi Investment Bank (SAIB), Alinma Bank and Bank Albilad revealed hefty profit margins in the said period, and even in the first six months of 2011. SAIB generated a SR208 million net income in the second quarter of this year, an increase of 845 percent compared to SR22 million for the same quarter last year, the bank said in a statement posted on the Tadawul website. Net income for the six-month period was SR416 million compared to SR43 million for the same period last year, an increase of 867 percent. The marked rise was "due to a decrease in operating expenses," it said. Operating income for the second quarter reached SR425 million compared to SR449 million for the same quarter last year, a decrease of 5 percent. Net special commission income for the second quarter reached SR322 million compared to SR328 million for the same quarter last year, a decrease of 2 percent. Earnings per share for the six-month period reached SR0.76 compared to SR0.08 for the same period last year. Operating income for the six-month period reached SR 839 million compared to SR900 million for the same period last year, a decrease of 7 percent. Net special commission income for the six-month period reached SR639 million compared to SAR 640 million for the same period last year, a decrease of 0.15 percent. Assets reached SR 50,569 million in the first half of this year compared to SR48,866 million for the same period last year, or an increase of 3.5 percent. Investments reached SR8,780 million compared to SR10,097 million for the same period last year with a decrease of 13 percent. Loans and advances reached SR30,634 million compared to SR30,553 for the same period last year with an increase of 0.3 percent. Customers deposits reached SR36,084 million compared to SR35,774 for the same period last year with an increase of 1 percent. Alinma Bank net income of SR102 million in the second quarter of this year astronomically jumped 3,300 percent compared to net income of SR3 million for the same quarter of previous year, the bank said in a statement posted on Tadawul website Saturday. Increase in net income mainly due to significant growth in the core banking activities was the primary reason for the healthy returns, it said. Compared to a net income of SR70 million for the previous quarter, it increased 46 percent. Total operating income for the second quarter amounted to SR307 million compared to SR174 million for the same quarter of previous year with an increase of 76 percent. Net income from investments and financing activities for the second quarter amounted to SR283 million compared to SR162 million for the same quarter of previous year with an increase of 75 percent. Net income for the six months amounted to SR173 million, compared to a net loss of SR72 million for the same period of previous year. Earning per share for the six months period amounted to SR0.12 compared to loss per share of SR0.05 for the same period of previous year. Total operating income for the six months amounted to SR569 million compared to SR257 million for the same period of previous year with an increase of 121 percent. Net income from investments and financing activities for the six months amounted to SR523 million compared to SR229 million for the same period of previous year with an increase of 128 percent. Total assets as at June 30, 2011 amounted to SR32,497 million compared to SR24,948 million as of June 30, 2010 with an increase of 30 percent, Investments as of June 30, 2011 amounted to SR2,299 million compared to SR1,701 million as of June 30, 2010 with a increase of 35 percent, Due from banks and other financial institutions as of June 30, 2011 amounted to SR 3,881 million compared to SR10,646 million as of June 30, 2010 with a decrease of 64 percent. Financing portfolio as of June 30, 2011 amounted to SR22,503 million compared to SR8,426 million as of June 30, 2010 with an increase of 167 percent,. Customers deposits as of June 30, 2011 amounted to R 13,232 million compared to SR6,409 million as of June 30, 2010 with an increase of 106 percent. Bank Albilad's net income surged 149 percent in the second quarter of this year to SR81.7 million compared to net income of SR32.8 Million for the same period in 2010, the bank said in a statement on Tadawul website Saturday. The jump in net income was due to the increase in net income from investing and financing assets and fees and commission income, the bank said. Compared to net income for Q1 2011, it increased 47.2 percent from SR55.5 million. The total income from operations for Q2 2011 is SR338 million compared to SR272.5 million for the same period in 2010, with an increase of 24 percent. Net income from investing and financing assets reached SR178.5 million compared to SR152.2 million for the same period in 2010.
