The financial statements of the Saudi British Bank (SABB) showed the bank's turn to profitability in the first half of this year compared to losses in the same period of 2020.
According to the bank's results for the Saudi market (Tadawul), today, Wednesday, profits for the period amounted to 1.89 billion riyals, compared to losses of about 5.9 billion riyals in the first half of last year.
The bank also turned profitable in the second quarter of this year, with a value of 919 million riyals, compared to losses for the same period in 2020 of approximately 6.87 million riyals.
The bank attributed the profit to the decrease in the provision for expected credit losses, in addition to the decrease in total operating expenses, which came as a result of the decrease in general and administrative expenses and expenses related to employees.
He indicated that, in contrast, total operating income decreased due to a decrease in net special commission income.
