The financial statements of the Saudi British Bank (SABB) issued today, Thursday, revealed that the bank’s profits in the third quarter of this year increased by 57.8% on an annual basis.
According to the results of SABB Bank on the Saudi market website (Tadawul), the quarterly profit amounted to approximately 1.40 billion riyals, compared to profits of about 886 million riyals in the third quarter of last year.
SABB Bank said in a statement to the Stock Exchange that the increase in profits during the comparison periods is due to the increase in net income by about 512 million riyals, as well as the increase in total operating income as a result of the increase in net income from special commissions, despite the increase in total operating expenses.
The total special commission income for SABB at the end of the third quarter of this year amounted to about 2.52 billion riyals, while the net special commission income at the end of the period amounted to about 1.99 billion riyals.
SABB achieved a net profit of 2.48 billion riyals in the first nine months of this year, compared to 2.78 billion riyals in the same period of the previous year, an increase in profits by 25.5%.
