SABB’s quarterly profit grows 3.5% to one billion riyals

British Saudi bank “SABB” announced that its quarterly profit grew 3.5% in the first quarter of 2022 to 1.004 billion riyals, compared to 970 million riyals in the first quarter of 2021.

Profits increased on a quarterly basis by 135%, from 427 million riyals in the previous quarter.

The bank said the increase in net profit before zakat and income taxes for the period ending March 31, 2022 AD by approximately 27 million riyals, following the increase in operating income and the increase in the quota. of the profits of associated companies. This was partially offset by the higher provision for expected credit losses and total operating expenses.

Operating income also increased due to the increase in income from exchange gains, income from financial instruments listed at fair value through the income statement, income from commissions, as well as profits from unlisted financial instruments at fair value with impact on the income statement measured at fair value with impact on comprehensive income.

Total operating expenses increased due to the increase in general and administrative expenses and the increase in salaries and employee expenses, partially offset by a decrease in depreciation, rents and construction costs.

On the reasons for the jump in its profits compared to those of the previous quarter, the bank stated that this is due to the increase in net profit following the decrease in the bad debt provision and total operating expenses as well as the increase in the result. operating as well as the increase in the share of profits of associated companies. This was partially offset by lower net special fees.

Operating income increased due to the increase in commission income, income from listed financial instruments at fair value through profit or loss, income from other transactions as well as exchange gains. This was partially offset by a decrease in profits on financial instruments not measured at fair value through profit or loss, as well as by a decrease in net special commissions.

Total operating expenses decreased due to the decrease in salaries, personnel expenses, depreciation, rents and construction expenses, partially offset by the increase in general and administrative expenses.

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