SABB posts 7.6% decline in Q1-20 net profit

This was despite an increase in revenues by 28.3%

  
An investor gestures as he monitors a screen displaying stock information in Riyadh, Saudi Arabia, November 6, 2017.

An investor gestures as he monitors a screen displaying stock information in Riyadh, Saudi Arabia, November 6, 2017.

REUTERS/Faisal Al Nasser
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

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