First Saudi Bank’s profits will rise to 8.45 billion riyals in 2025
First Saudi Bank’s profits in 2025 increased by 4.7% to 8.45 billion riyals, compared to 8.07 billion riyals in 2024.
According to the company’s statement on the website "Saudi Arabia trading"This was mainly due to an increase in total operating income, offset by an increase in the cost of operations, an increase in the provision for expected credit losses, and a decrease in the share in profits related to an associate.
The reasons included: an increase in total operating income, mainly due to an increase in net special commission income, gains from the fair value through other comprehensive income of debt securities, gains on investments listed at amortized cost, dividends, and other operating income.
This was offset by a decrease in currency exchange income. (Which was affected by one-time expenses related to VAT for previous periods on credit cards, and excluding this impact, currency exchange income increased by 7%), and a decrease in fee income (following the implementation of new regulations during the year).
Operations expenses increased as a result of increased depreciation and amortization expenses, due to the recent increase in software capitalization, which reflects investments in developing digital capabilities. And an increase in employee salaries and expenses.
This is mainly due to a one-time cost in end-of-service expenses for previous periods, and this was offset by a decrease in general and administrative expenses.
The reasons included: a decrease in the share of profits in the associate company, which is mainly due to a decrease in operating income from corporate business, and an increase in operating expenses in addition to any increase in expenses charged between the group.
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