Saudi Investment Bank on Monday reported its net profit during the third-quarter more than tripled despite a drop in net operating income.

The lender, which has received two rating downgrades in June, made 203 million riyals ($54.1 million) in the three months to Sept. 30 up from 66 million riyals a year earlier, it said in a statement.

Net income from operations over the same period however decreased by 10.8 percent to 370 million riyals, it added.

(Reporting by Souhail Karam, Editing by Natsuko Waki)