The Saudi British Bank (SABB) achieved an increase in its annual profits by 52.1%, to reach 4.872 billion riyals by the end of 2022, compared to 3.202 billion riyals in 2021.
According to Arabiya Net, net income increased by about 1.671 billion riyals, due to the increase in total operating income, in addition to the increase in the share in the profits of associate companies.
SABB added that this was partly offset by an increase in total operating expenses and provision for zakat and income tax.
SABB stated that the reason for the increase in total operating income is mainly due to the increase in net special commission income, in addition to, to a lesser extent, the increase in the income of financial instruments listed at fair value through the income statement, net currency exchange income, and other operating income.
This was partly offset by an increase in net losses of debt instruments carried at fair value through other comprehensive income, and a decrease in gains of financial instruments not carried at fair value through statement of income.
The reason for the increase in total operating expenses is mainly due to the increase in general and administrative expenses, salaries and expenses of employees.
This was partially offset by a decrease in depreciation, amortization, rental and premises expenses.
The total operating expenses for the year ending on December 31, 2022 amounted to about 3.662 billion riyals, compared to 3.429 billion riyals for the previous year.
Total operating expenses for the three-month period ending on December 31, 2022 amounted to about 1.077 billion riyals, compared to 931 million riyals for the same period of 2021, compared to 881 million riyals for the previous quarter.
