SABB swings to losses in 2020

The move to losses was driven by an impairment of goodwill

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

REUTERS/Ahmed Yosri
Riyadh - Mubasher: The Saudi British Bank (SABB) turned to net losses of SAR 4.17 billion in 2020, against net profits of SAR 2.7 billion in 2019.

The move to losses was driven by an impairment of goodwill of SAR 7.4 billion recorded in the current year, according to a bourse statement on Wednesday.

“This is a one-time accounting loss that does not affect the bank's capital, liquidity, or funding; nor the strategic strengths and competitive advantages. Our ability to lend to and support our customers, our products and services, and our focus on our people all remain entirely unaffected by this accounting charge,” SABB said.

Net income from special commissions/financing & investments decreased by 4.3% annually last year to SAR 6.9 billion, whereas assets grew by about 4% yearly to stand at SAR 276.5 billion.

Source: Mubasher

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