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Authorized market institutions reported a 29.8% rise in 2022 net income to an all-time high of SAR 6.1 billion from SAR 4.7 billion a year earlier, Bander Alayed, Deputy of Market Institutions, the Capital Market Authority (CMA), said.
Retained earnings hit a record of SAR 60.34 million in 2022, marking an increase of 39.17% from SAR 43.36 billion in 2021.
The higher profit was buoyed by 26% growth in revenue year-on-year (YoY) to reach over SAR 12 billion, the highest on record. Revenue from assets under management was the largest contributor to overall revenue, representing 33.64%. It was followed by revenue from dealing (19.67%), investments (nearly 16.45%) and investment banking (around 9.71%). Other activities, including other income, advisory and custody services contributed the remaining share, Alayed added.
The number of portfolios managed by capital market institutions also scaled a record of 37,021 in 2022, the highest ever level, registering a surge of 1,204% from 2,839 in 2021. This significant rise was spurred by the increased number of private portfolios which commenced operations.
Local equities made up the largest share of the assets managed by capital market institutions in 2022 with 45.61% at a total value of SAR 120.97 billion. Investment funds took the second place (23.48%), while global equities, debt instruments and other represented 30.91%, he concluded.
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