SABB's quarterly profit fell 15.5% in the third quarter

The results of the Saudi British Bank SABB recorded a decrease in profits by 15.53% to reach 886 million riyals, in the third quarter of 2021, compared to 1.049 billion riyals in the quarter Similar from 2020.

According to Arabiya Net, and on a quarterly basis, the bank's profits decreased by 3.59% in the third quarter of this year, compared to profits of 919 million riyals in the second quarter of 2021.

The bank said in a statement on the Saudi Tadawul, today, Thursday, that the decrease in net income by about 163 million riyals is due to the decline in total operating income and the increase in the provision for zakat and income tax, This was partially offset by lower total operating expenses and the provision for expected credit losses.

The bank indicated that the decrease in the total operating income as a result of the decrease in the net special commission income by about 249 million riyals, was partially offset by the increase in the income of currencies and financial instruments listed at fair value through Income statement, debt instruments carried at fair value through other comprehensive income, and other operating income.

The decrease in total operating expenses is mainly due to the decrease in depreciation and amortization expenses, and general and administrative expenses resulting from the continuous success in creating efficiency in terms of cost reduction, partially offset by an increase in Expenses of employee salaries and the like.

In terms of results for the first nine months of 2021, the results indicated that the bank turned to achieving profits of 2.775 billion riyals, compared to losses of 4.847 billion riyals in the same period. From 2020.

The total operating expenses for the nine-month period ending on September 30, 2021 amounted to about 2.687 billion riyals, compared to 2.972 million riyals for the same period last year.

The total operating expenses in the third quarter of 2021 amounted to about 937 million riyals, compared to 1.001 billion riyals for the same quarter of last year, and compared to 844 million Saudi riyals for the previous quarter.

The provision for expected credit losses for the first nine months of 2021 amounted to about 40 million riyals, compared to 1.599 billion riyals for the same period in the previous year.