Saudi British Bank (SABB), an affiliate of HSBC Holdings, posted a 4 percent increase in net profit for the first quarter of 2022 to 1 billion riyals ($267.7 million), compared to a net profit of 970 million riyals for the same period in 2021.

The result topped the profit estimate of 807 million riyals penciled in by Riyad Capital.

The higher profit was primarily driven by higher total operating income and increase in share from earnings of associates, the bank said in a statement on Tadawul.

This was partly offset by a rise in provision for expected credit losses and total operating expenses.

On a sequential quarter basis, Q1 2022 net profit more than doubled from 426.92 million riyals in the past quarter.

 (Reporting by Brinda Darasha; editing by Brinda Darasha)

brinda.darasha@lseg.com