Riyadh – Mubasher: Saudi British Bank (SABB) reported a 0.09% year-on-year decline in its financial results for the third quarter of 2019, recoding SAR 1.06 billion.
Total revenue from special commissions/financing and investments jumped by 46.14% to SAR 2.49 billion in Q3-19, compared to SAR 1.7 billion in Q3-18, according to the bank’s filing to the Saudi Stock Exchange (Tadawul) on Sunday.
“Net profit was relatively flat primarily driven by an increase in total operating expenses and provision for expected credit losses as a result of the merger with Alawwal Bank, partially offset by an increase in total operating income mainly contributed by net special commission income by 40.9%,” the statement said.
For the first nine months of 2019, net profits of SABB plunged by 33.27% to SAR 1.9 billion, from SAR 2.86 billion in the same period of 2018.
Total revenues of the Saudi lender jumped by 27.9% to SAR 6.24 billion during the nine-month period ended September, versus SAR 4.8 billion over the same period a year ago.
By the end of September, SABB’s assets reached SAR 257.8 billion, while investments recorded SAR 58.7 billion over the same period.
In nine months, profit per share stood at SAR 1.12, when compared to SAR 1.91 in the nine-month period of 2018.
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