Riyadh – Mubasher: The interim financial results of Saudi British Bank (SABB) showed a 7.59% decrease in net profit during the first quarter (Q1) of 2020 to SAR 1.022 billion, up from SAR 1.106 billion in the same period of the year before.

This was despite an increase in revenues by 28.3% to SAR 2.30 billion in Q1-20, up from SAR 1.79 billion in Q1-19.

The decrease in net profit was primarily driven by an increase in total operating expenses as a result of integration activities relating to the merger with Alawwal Bank and an increase in provision for expected credit losses, according to a statement to the Saudi Stock Exchange (Tadawul).

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.